Markets
Equities, rates, credit and the plumbing underneath.
Contested subjects
1 subjectThe Dollar's Reserve Share Falls As Central Banks Buy Gold
Why has the share fallen, does the fall matter, and was the dollar's reserve role ever a privilege?
More in Markets
5 storiesRepo Market Cracks Widen As Quarter-End Approaches
Secured overnight rates spent a third session above the interest-on-reserves ceiling, a spread that historically resolves either with a facility drawdown or with something breaking.
The Quiet Repricing Of Sovereign Credit
Spreads between similarly rated sovereigns have widened to the point where the ratings themselves are the least informative variable in the pricing.
Treasury Refunding Tilts Shorter, Again
For the sixth quarter running, the refunding leaned on bills rather than coupons, a financing choice that lowers today's interest expense and raises the rollover risk.
Corporate Buybacks Fall To A Four-Year Low
Announced repurchase authorisations have fallen sharply, and executed buybacks have fallen further. Boards are choosing balance-sheet flexibility over per-share optics.
Private Credit Marks Meet Their First Real Test
Disclosed marks on identically structured loans are diverging by double-digit points across managers, which is a valuation-process story rather than a credit story.
