Sovereign and credit markets: yield curves, auctions, duration risk, spreads and the cost of money.
58 report(s) in the archive
Dalio says investors should own 'a bit of Bitcoin' as a hedge against U.S. debt risk, even as he still favors gold as the bigger hedge.
Bitcoin held above $77,000 after a 21% weekly rally, as Treasury Secretary Bessent's $4 billion bond buyback failed to bring yields down.
SoftBank's planned bond sale would be its largest ever; Alibaba is raising through a share placement rather than debt.
SoftBank is planning a record $6.3 billion bond sale and Alibaba is raising $10 billion via share placement, both citing accelerating AI spending as the reason.
JPMorgan has cast doubt on Treasury Secretary Bessent's bond strategy, and critics say a buyback push is backfiring on borrowing costs.
J.P. Morgan analysts have publicly questioned the Treasury's approach to managing bond issuance, adding to concern that the same pressures are pushing mortgage rates higher.
The concentration comes as U.S. national debt crossed $40 trillion in August, intensifying scrutiny of Treasury market structure.
Academy Securities strategist Peter Tchir noted the Federal Reserve owns more than 50% of all Treasury bonds maturing 10 to 15 years from now, a concentration highlighted as U.S. debt passed the $40 trillion mark.
With Nvidia due to report and Jackson Hole on the calendar, rates and mega-cap tech risk are both back in focus for a market that has ridden the chip maker's results before.
Nvidia reports earnings Wednesday in what MarketWatch calls a test for a broad universe of companies tied to the AI theme, with bond yields also back in focus ahead of Jackson Hole.
The long bond now out-yields dividend-paying equities by 2.2 percentage points, a gap not seen in nearly two decades.
The 30-year Treasury bond's yield now exceeds the average dividend stock yield by 2.2 percentage points, the widest such gap in 19 years.
Jamie Dimon's warning that margin debt is the highest it has ever been lands just as Treasury yields climb and stocks trade near record levels.
JPMorgan CEO Jamie Dimon warned that margin debt — money investors borrow to buy stocks — is at its highest level ever, a caution flag as Treasury yields rise and the S&P 500 trades near an all-time high.
Scott Bessent's Treasury has intervened directly in the bond market, leaving incoming Fed Chair Kevin Warsh with fewer options as the FOMC weighs its next move.
The U.S. Treasury's direct intervention in the bond market complicates Fed Chair Kevin Warsh's policy options ahead of upcoming FOMC decisions.
The swing shows how directly the company's earnings now move with Bitcoin's price after its aggressive treasury strategy.
Strategy reported a swing from a $13 billion Bitcoin-related loss to a $1.4 billion profit as Bitcoin's price rallied.
The greenback weakened even as bond yields and oil held elevated, an unusual combination that points to doubts about US fiscal footing.
The dollar wobbled after investors balked at the US Treasury's efforts to shore up markets, even as Asian shares closed the week on a downbeat note.
The stock's drop to $21.22 comes as rising bond yields keep pressure on dividend-paying, rate-sensitive sectors like utilities.
CMS Energy shares hit a 52-week low of $21.22, extending a decline in utility stocks that tend to suffer when bond yields rise.
Both metals opened higher on August 20, 2026, drawing support from the same Treasury announcement that failed to hold down bond yields.
Gold and silver both rallied on August 20, 2026, as Treasury's expanded debt buyback plan and newly released FOMC minutes pushed investors toward precious metals.
Treasury Secretary Scott Bessent's debt-buyback announcement was meant to calm the bond market, but yields climbed anyway a day later.
U.S. Treasury yields resumed their climb on August 20, 2026, less than a day after Bessent unveiled a debt-buyback plan intended to steady the market.
The August 20 session split: bond-sensitive tech gave ground while bitcoin-linked shares rallied and energy-land owner LandBridge hit a record.
The Nasdaq fell in the August 20 session as a rally in US Treasuries — which had been pushing yields down — ran out of steam, while crypto-linked equities climbed with bitcoin.
The milestone arrived alongside the record of the Federal Reserve's last policy meeting, putting fiscal supply and rate policy in front of bond buyers at once.
US government debt crossed $40 trillion on the same day the Federal Reserve published the minutes of its most recent meeting, a combination that puts the size of Treasury issuance and the path of interest rates in the same conversation.
Thursday's European session left the main indices little changed, with the damage concentrated in single stocks: JD Sports, GN Store Nord, Aegon and Orkla all fell.
European equities went nowhere in the 20 August session as a rise in crude prices cancelled out a recovery in government bonds, leaving individual earnings reactions to drive most of the movement.
Bond prices steadied in the 19 August session after the US Treasury stepped in, while the currency took the strain instead.
The US dollar held near a three-month low in the 19 August session as Treasury action steadied government bond prices, shifting the pressure from rates to the currency.
US Treasury yields fell after the department offered liquidity support, sharpening investor attention on issuance strategy at the back end of the curve and the duration risk premium heading into the next refunding cycle.
Treasury yields dropped following a liquidity support offer from the Treasury, a technical intervention that reset the front end of the curve while strategists turned to the more consequential question of how the department manages back-end issuance. The move eases financing conditions across risk assets but leaves the structural duration supply overhang intact.
Increased official buying of long-dated Treasuries stabilises the curve's far reaches, but the fiscal arithmetic behind the intervention is reshaping mortgage, credit and equity duration assumptions
The U.S. Treasury has increased its purchases of long-dated securities, a technical intervention aimed at containing volatility at the far end of the curve. The move arrives alongside intensifying scrutiny of the federal debt trajectory and its pass-through into consumer borrowing costs, keeping duration risk at the centre of 2026 asset allocation debates.
Semiconductor selloff decouples from rates narrative while cybersecurity leaders CrowdStrike and Palo Alto Networks extend declines, signalling broad de-risking in 2026's most crowded growth trades
Intel and AMD each fell roughly 4% and NVIDIA finished flat as the semiconductor complex sold off even as Treasury long-end pressure eased, breaking the rates-driven correlation that has governed tech leadership. CrowdStrike sank 7% despite a Truist price target increase to $245, with Palo Alto Networks off 5%, evidence that positioning — not discount rates — is now the dominant driver.