Briefings, research, charts and analysis on the institutions, capital flows and systemic risks shaping long-horizon portfolios.
A Fed governor says the Treasury safety premium is gone, Kuwait writes a legal route to borrow from its own sovereign fund, and Lloyd's reports £1.4bn of Gulf war losses — an early, IBNR-heavy estimate.
Norges Bank told its owner not to cap the largest companies in its equity index and published the cap back-tests behind that advice. Its second letter proposes the change it will make: to the bond benchmark.
QT is changing what banks pledge for cash. The amount doubled; the share held. A central bank’s eligibility list is a price.
A federal judge struck down New York's $75 billion climate-superfund law; Nvidia showed up as supplier, leaseholder and bondholder; the 10-year printed 4.75%. Find the residual holder.
The world's largest pension marked its own homework this morning — and published the grade. Plus: Aon's $17bn USI deal lands, Ontario's record built entirely on beta, and dispatches from Abuja to the Andes.
PCE 3.7 percent. Six-month 4.1. Unemployment 4.1 percent.
Nvidia extended payment terms as commitments surged to $279bn; Australian credit funds show how fast liquidity terms tighten. Plus the Vector, the Risk Radar, people moves and the job board.
Britain's National Wealth Fund committed £36 million of conditional equity to restart a Devon mine, alongside proposed debt, governance rights and an offtake negotiation.
An application to the SEC would let a fund change its managers without a shareholder vote — including affiliated ones. The compensating right is an exit that met 38% of the dollars requested last quarter.
Seven notices told investors how much they may ask for back this quarter. Four reports showed how much is sitting in cash. And a filing reported as a launch is the fourth attempt to register the same fund since March.
Treasury sold 30-year inflation-protected debt at 2.973%, the most since 2001, and primary dealers were left holding 2.10% of it. The same morning a canal cut traffic to 34 ships with its lake at a five-year average. Both are the same story.
Treasury is enlarging scheduled long-end buybacks as private-credit funds enforce contractual limits. The lesson is not that public bonds have a new backstop; it is that quoted liquidity and contractual access are different things.