We expect global central banks to raise their policy rates to counter the energy shock and the inflation that is once more taking hold. … READ MORE >
2-year Treasury
Market Minute: Great expectations and the July inflation data
Expectations around the July CPI data imply a 0.1% monthly increase in the top-line number and a 3.4% annual increase. … READ MORE >
Parsimony is a feature, not a bug, at the new Fed
The major change in the Fed’s approach has been the partial removal of forward guidance. The result is rising uncertainty and volatility in the 2-year Treasury. … READ MORE >
Market Minute: The end of bond-market complacency
After shrugging off the breakout of war in the Middle East, the front end of the U.S. bond market is now pricing in the risk of higher inflation. … READ MORE >