On October 22 French 5-year CDS broke through 100bp and the 10-year OAT yield rose above the equivalent US Treasury for the first time in 13 years - on the same day the US 10-year fell 18bp to 4.965% on haven buying. Capital is not fleeing duration; it is re-ranking what counts as “safe”. When a core sovereign's fiscal sustainability is questioned, sovereign risk premia replace the policy rate as Europe's anchor.

Fitch expects developed-market government debt to top $75 trillion by year-end, with the top ten economies owing $68.5 trillion, while annual interest on their traded sovereign bonds has passed $3.3 trillion - more than global spending on AI, defence or clean energy individually. With the US 10-year at 5.36%, French yields near 5% and the UK 30-year above 6%, the sovereign rout is turning from a rate problem into a credit problem.

The Fed’s September minutes released on Oct 7 named geopolitics-driven oil prices and the AI investment surge as two new inflation sources; the IMF warned the same day that high oil may last into 2027. With Brent above $102, the 10-year Treasury yield hitting a 2002 high of 5.349%, and gold ETFs posting a record $31bn quarterly inflow, the centre of gravity of inflation is shifting from demand to supply and capex.

A $70 billion 5-year Treasury auction tailed by 3.1 basis points, forcing primary dealers to absorb 15.8% of the issue; with the Treasury's quarter-end cash balance surging and the Fed pausing its reserve-management purchases, private-sector appetite for long-duration assets has hit a wall.

After the Fed's September hike, gold rose instead of falling—driven by record central-bank buying, de-dollarization and fiscal-credit anxiety that are reshaping gold's pricing logic. This article unpacks the shift and its allocation implications.

Since August 2026, global markets have displayed a striking anomaly: the 10-year US Treasury yield has hovered near 4.7%, close to a 19-month high; the 30-year yield has briefly risen above 5%, the hi

For a long time, the modern monetary framework assumed an independent central bank setting policy while the fiscal side balanced its books — that is, "monetary dominance." Today, however, the US feder

One of the most consequential developments in U.S. financial markets in mid-August was the Treasury Department’s decision to at least double the size of its buyback operations for longer-dated governm

(Lead) Released on August 21, 2026, the minutes of the Federal Reserve's July FOMC meeting were regarded by markets as one of the most important policy signals of the year. The record showed that thre

(Introduction) In the summer of 2026 the Federal Reserve underwent a quiet yet profound power transition. At his debut FOMC meeting, new Chair Kevin Warsh not only trimmed the policy statement from ab