Bonds & credit
A 131-Basis-Point Spread: The Euro Area Enters an Era of Fiscal Repricing
A 131-basis-point French–German bond spread highlights how national fiscal differences are being reflected in long-term sovereign borrowing costs.
Fiscal sustainability
Research topic · Footnote Reader
Monetary policy
If Central Banks Raise Rates Together, What Does It Achieve?
An energy shock is pushing central banks towards tighter policy. Simultaneous increases do not cancel out risk: they raise refinancing costs, while long-term yields also reflect supply, term premia and geopolitical risks.
Monetary policy
Inflation Is Already 3.3%. Why Is Trump Still Calling for Rate Cuts?
The Fed and the fiscal authorities weigh different costs. Inflation and employment constrain monetary policy, while interest bills create a more immediate fiscal pressure.
Bonds & credit
Japan’s 10-Year Government Bond Yield Breaks 3% for the First Time in 30 Years
Inflation, hike expectations and fiscal pressure are driving a global bond selloff. Japanese yields and currency intervention also raise questions about capital flows and Treasury spillovers.
Bonds & credit
Can the US Military Rescue US Treasuries?
A historical look at safe-haven flows, wartime interest-rate controls, inflation and fiscal pressures on Treasury yields.
Currencies & global markets
Could Japan Face Another Thirty Lost Years?
Japan’s divergent markets raise questions about the wage-inflation cycle, exchange-rate trade-offs and the fiscal cost of higher rates.
Bonds & credit
Unwanted U.S. Long Bonds: Treasury Steps In, and Gold Rises
Treasury buybacks may ease pressure on long bonds, but their mechanism and limits differ from Federal Reserve quantitative easing.
Bonds & credit
Why Are Government Bond Yields Rising Around the World?
Sticky inflation, fiscal deficits and term premiums are contributing to a global repricing of long-term financing costs.
Bonds & credit
Could $40 Trillion in U.S. Debt Really Blow Up?
The article examines the slower fiscal squeeze caused by interest costs rather than treating the debt burden only as an immediate default risk.
Bonds & credit
How Did U.S. Debt Reach $40 Trillion?
A timeline traces the accumulation of U.S. debt through crises and the growing fiscal impact of higher interest rates.