Bank of England’s Phil Evans gave a speech on 17 March 2026 outlining PRA’s Consultation Paper CP5/26. The paper proposes changes so banks can turn their existing liquidity assets into cash fast enough to deal with a digital bank run, using BoE facilities as part of normal liquidity planning rather than treating them as off limits. This is an acknowledgement that the old framework was built for a slower world. The PRA pointed out that digital banking and payments can accelera

Equity markets managed another modest grind higher overnight, S&P 500 up 0.3%, Nasdaq +0.5% ,  and Dow +0.1%. energy stayed well supported, healthcare lagged, and AI-linked names continued to attract flows. Micron rallied ahead of earnings, while Nvidia eased slightly after the GTC sugar rush. Brent was back above USD103, driven by reports of further strikes on energy infrastructure in Iraq and the UAE. Asia is facing the risk of oil price hikes and availability. Higher fue

Mixed signals on U.S. inflation. The softer than expected CPI boosted bets on rate cuts, but PPI brought some sanity back. Analyst...

The July U.S. employment report was dramatic. While headline jobs growth slowed, the revisions to May and June were the surprise. July...

Risk off. Sticky inflation, a hawkish FOMC hit the two crowded trades; short USD and curve steepeners, 2s10s now testing 40bps, the...

Monday’s UST session was  characterised well received $69bn 2yr auction, with strong demand from real money, and a sloppy $70bn 5yr. Last...

Global bond markets were well-supported on Tuesday, driven by a combination of weaker economic data and heightened geopolitical...

U.S. Treasuries still “volatile in a tight range”, phrase of the month. Front end yields pushed higher as February’s durable goods data...

A volatile session for USTs in the aftermath of the Fed. Rates were left unchanged but Chair Powell’s dovish tone contrasted with a more...