Fixed Income

Gergely Tardos, CEO of Hungary's Debt Management Agency, projects yields could fall another 150 to 250 basis points toward 4% as euro adoption attracts longer-duration investors

WTI crude jumped above $100 and August PPI beat expectations, pushing Treasury yields to their highest level since 2023 and forcing markets to price in renewed Fed tightening risk

University of Michigan index drops 7.5% as gasoline prices and trade tensions push near-term inflation expectations to highest level since February, pressuring short-end yields

Longest-dated municipal bonds yield 15 basis points higher, touching 2011 peaks as Treasury rates rise and new issuance floods the market.

Central bank raises deposit rate for second time this year, projecting inflation will remain well above its 2% target through 2027 as Middle East conflict sustains oil and gas pressures.

U.S. Treasury launches expanded debt repurchase program targeting 10-year-plus securities, signaling active management of long-end supply and duration risk.

The European Central Bank kept its three key rates unchanged, with President Christine Lagarde's 3 p.m. CET press conference expected to clarify the Council's medium-term inflation strategy.

Bid-to-cover ratios across Malaysia, Thailand, the Philippines and Indonesia have fallen to multi-year lows, signaling a structural shift in investor demand amid rising global rates.

The firm abandons its TS Imagine integration and outsourced trading unit after just 12 months, signaling a broader retrenchment in asset management.

The tech giant's inaugural British pound issuance across 3-, 6-, 12-, and 19-year maturities signals confidence in sterling credit demand and extends Amazon's diversification into non-dollar funding.

Non-revolving credit jumped $15.3 billion in the largest monthly gain in three years, signaling sustained releveraging despite elevated 22.15% card rates.

Treasury expands buyback program targeting the 10-to-30-year curve after long-bond selloff compresses duration demand.

Tech giant's first UK pound bond sale expands its multi-currency funding for AI infrastructure, joining record $80 billion annual borrowing.

Two major asset managers are shifting capital from U.S. fixed income into emerging market local-currency debt as domestic credit spreads compress to historic lows.

Tokyo's record monthly intervention, including rare U.S. coordination, forces liquidation of $87.8 billion in foreign securities, mostly U.S. Treasuries.

Two mega-managers rotating into EM local debt, betting on dollar weakness and higher real yields as US investment-grade and high-yield valuations compress

Divergent liquidity pressures across KKR's retail private credit funds signal uneven stress in the asset class as duration risk reshapes investor behavior.

Japanese conglomerate's record ¥1 trillion seven-year offering attracts retail demand as coupon towers above expected policy rate.

When the 10-year yield moves 100 basis points, a $1,000 bond with a 5% coupon can lose $80 or more—a stark reminder that duration risk is the bond market's core sensitivity.

Food costs up 30% since 2020 with 3.1% more projected this year, complicating Fed's disinflationary narrative and pressuring real wages.

Pakistan raised $3 billion in a dual-tranche Eurobond sale attracting nearly $6 billion in orders, marking its largest international bond issuance and suggesting durable shift in market access post-rating upgrades.

Rising Japanese government bond yields and sustained economic growth prompt Natixis to increase Japan equity exposure while trimming U.S. positions.

The Treasury expanded bond purchases to $4 billion per operation through November, signaling urgency as long-end yields surge past levels unseen since 2004.

The 30-year U.S. Treasury yield reached 5.34 percent in mid-August, last seen in 2007, as government debt accumulation and Middle East conflict reshape the cost of sovereign borrowing worldwide.

Benchmark 10-year yield crosses 5.10% on hotter-than-expected July inflation; back-end curve pricing sustained higher-rate environment

Italian 10-year yields rose five basis points on Aug. 31, widening the Italy-Germany spread as broader European sovereign debt markets repriced growth and inflation expectations.

Fed Chair's refusal to signal future rate direction leaves bond markets parsing a shift toward opacity, as traders price in sticky inflation risks.

Fed Chair Kevin Warsh said broad financial conditions remain accommodative and inflation momentum is insufficient to justify rate cuts, keeping markets priced for higher-for-longer rates.

Savings rate hits 2.6%, real after-tax income down over 1% annually, and credit card delinquencies reach 2011 levels, signaling potential consumer spending slowdown.

Fed Chair Kevin Warsh's keynote at Jackson Hole comes as Treasury expands repurchases of off-the-run debt, keeping yield-curve traders on alert for policy signals.

The Fed's consolidated assets rose $10 billion week-over-week to $6.7 trillion, extending a pattern of balance sheet growth that bond markets are parsing for clues about future policy.

Foreign private ownership of U.S. Treasuries reaches 59%, cushioning yield pressure on emerging markets as EM fixed income outpaces global aggregates.

Jobless claims fell to 206,000, signaling labor market durability that undercuts near-term Fed easing expectations and extends duration risk for bond portfolios.

The resources conglomerate plans a Rs 10 billion issue to refinance debt as companies lock in borrowing costs ahead of expected RBI tightening.

Treasury Secretary Scott Bessent's interventions have steepened the yield curve and sharpened focus on Federal Reserve Vice Chair Kevin Warsh's Jackson Hole remarks.

The quarterly budget stayed at $38 billion while per-operation ceilings doubled, exposing the gap between what buybacks can accomplish and what markets assumed.

Scott Bessent raised the maximum buyback operation size from $2 billion to $4 billion, targeting 10- to 30-year debt after a buyers' strike dating to late June.

Oracle and SpaceX bonds trade at speculative-grade levels as Microsoft-linked Project Odyssey draws $7.8 billion in orders for $3.9 billion offering.

A 1.6x demand multiple signals sharp deterioration in AI infrastructure credit appetite as spreads widen 288 basis points above Treasuries.

Long-duration yields climb globally as persistent monetary tightening keeps borrowing costs elevated; 10-year U.S. Treasury closes at 4.71% on July 31

The Fed's shift to reinvest agency MBS paydowns into MBS rather than Treasuries drove Ginnie Mae and Fannie Mae current coupon prices up 12 index points on Sept. 21, 2011

Aegon Asset Management maintains a yield-curve steepener position, betting Fed cuts in 2026 will compress short-end rates while long-term yields hold or rise, despite Treasury efforts to cap borrowing costs.

Unemployment rose above consensus, signaling the central bank will pause rate action at its September meeting and ending a tightening cycle.

Treasury expands liquidity operations in 10-30 year sector to $4 billion per operation, effective Sept. 9, as long-end yields reach multi-year highs

The 10-year yield fell to 4.708% Tuesday ahead of the 20-year auction, but inflation breakevens hardened and geopolitical uncertainty left the curve vulnerable to fresh selling.

France's long-end borrowing costs surged Wednesday as fiscal concerns widened the spread over German bunds, while oil's fourth straight gain kept inflation pressure on duration-heavy portfolios.

As government bond yields decline, Ukrainian retail investors are rotating into higher-yielding corporate debt, reshaping a market that was nearly dormant before the latest cycle.

Low inflation and coal-heavy energy mix let Beijing hold rates steady while peers hike, pulling capital from other emerging markets.

The Reserve Bank of India shut its FCNR(B) swap facility ahead of schedule, pushing the rupee to 95.61 per dollar and lifting the 10-year bond yield to 6.81 percent.

The selloff erased ground from a 45 percent gain in 2025, leaving Bridgewater's onshore strategy still ahead of local rivals despite its worst single-month loss since inception.