Markets
Equities, rates, credit and the plumbing underneath.
Contested subjects
3 subjectsThe Future Of The Dollar
Reserve, weapon, tribute, or a habit nobody has a reason to break.
A Falling Jobless Rate And A Shrinking Labour Force
Payrolls fell in July, participation is at a five-year low, and the Federal Reserve calls it full employment.
Growth Six Months Into The Oil Shock
Output is still expanding and inflation is still above target. What that is worth is contested.
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.
