The dollar pared gains and the Treasury curve steepened after US President Donald Trump said he intends to nominate Kevin Warsh as the next Federal Reserve chair, seen by markets as a relatively hawkish choice.
The dollar pared gains and the Treasury curve steepened after US President Donald Trump said he intends to nominate Kevin Warsh as the next Federal Reserve chair, seen by markets as a relatively hawkish choice.
Traders are using options to bet on European Central Bank policymakers surprising markets by delivering a quarter-point interest-rate cut at some point this year.
Traders are using options to bet on European Central Bank policymakers surprising markets by delivering a quarter-point interest-rate cut at some point this year.
Banks borrowed a record amount from a Bank of England repo facility, signaling growing demand for cash at a time when the central bank continues to drain excess liquidity from the financial system.
Banks borrowed a record amount from a Bank of England repo facility, signaling growing demand for cash at a time when the central bank continues to drain excess liquidity from the financial system.
Gilts are heading for their worst week since April as the return of political risk and economic data surprises in the UK cap a turbulent spell for global bond markets.
Gilts are heading for their worst week since April as the return of political risk and economic data surprises in the UK cap a turbulent spell for global bond markets.
The HM Treasury offices in London. Photographer: Hollie Adams/Bloomberg
Demand for a UK gilt far exceeded the amount offered on Tuesday even with yields near the lowest level in a year, underscoring investor appetite despite the uncertain economic outlook.
Demand for a UK gilt far exceeded the amount offered on Tuesday even with yields near the lowest level in a year, underscoring investor appetite despite the uncertain economic outlook.
The UK’s benchmark bonds rallied to send borrowing costs to the lowest since December 2024, giving Chancellor Rachel Reeves some breathing space on the country’s finances.
The UK’s benchmark bonds rallied to send borrowing costs to the lowest since December 2024, giving Chancellor Rachel Reeves some breathing space on the country’s finances.
France’s latest bond sale has pulled in more than €115 billion ($134 billion) of orders, showing investor faith in the country even as lawmakers have yet to agree a budget and its deficit risks what the central bank’s chief calls a “danger zone.”
France’s latest bond sale has pulled in more than €115 billion ($134 billion) of orders, showing investor faith in the country even as lawmakers have yet to agree a budget and its deficit risks what the central bank’s chief calls a “danger zone.”
France’s latest bond sale has pulled in more than €115 billion ($134 billion) of orders, showing investor faith in the country even as lawmakers have yet to agree a budget and its deficit risks what the central bank’s chief calls a “danger zone.”
France’s latest bond sale has pulled in more than €115 billion ($134 billion) of orders, showing investor faith in the country even as lawmakers have yet to agree a budget and its deficit risks what the central bank’s chief calls a “danger zone.”
Gilts are rallying to start the year as the UK government shifts away from long-term borrowing and weaker inflation fuels bets on Bank of England interest-rate cuts.
Gilts are rallying to start the year as the UK government shifts away from long-term borrowing and weaker inflation fuels bets on Bank of England interest-rate cuts.
The Bank of England in the City of London. Photographer: Jason Alden/Bloomberg
Italy and Portugal are adding to a record-breaking week for global bond sales, with big government debt deals on offer Thursday alongside another heavy slate of corporate and financial offerings.
Italy and Portugal are adding to a record-breaking week for global bond sales, with big government debt deals on offer Thursday alongside another heavy slate of corporate and financial offerings.
Pedestrians pass the Palazzo Montecitorio, Italy's parliament building and office of the Chamber of Deputies, in Rome, Italy, on Friday, Feb. 21, 2014. Italy's government bonds rose, with 10-year securities extending a fourth weekly gain, as Prime-Minister-designate Matteo Renzi prepared to name his cabinet amid speculation he will accelerate economic reform.
German government bonds extended gains on Wednesday as weak economic data prompted traders to increase their bets on rate cuts, offsetting the prospect of a jump in debt sales.
German government bonds extended gains on Wednesday as weak economic data prompted traders to increase their bets on rate cuts, offsetting the prospect of a jump in debt sales.
The national flag of Germany above the Reichstag building in Berlin.
German government bonds extended gains on Wednesday as weak economic data prompted traders to increase their bets on rate cuts, offsetting the prospect of a jump in debt sales.
German government bonds extended gains on Wednesday as weak economic data prompted traders to increase their bets on rate cuts, offsetting the prospect of a jump in debt sales.
The national flag of Germany above the Reichstag building in Berlin.
Investors believe the Bank of England may need to cut interest rates much further amid signs the UK economy and labor market are losing momentum, according to a survey carried out by the central bank.
Investors believe the Bank of England may need to cut interest rates much further amid signs the UK economy and labor market are losing momentum, according to a survey carried out by the central bank.
US Treasuries wrapped up the first weekly gain since the end of November after unexpectedly cool inflation numbers and a jump in the jobless rate cemented expectations that the Federal Reserve will cut rates at least twice next year.
US Treasuries wrapped up the first weekly gain since the end of November after unexpectedly cool inflation numbers and a jump in the jobless rate cemented expectations that the Federal Reserve will cut rates at least twice next year.
Data showed the US unemployment rate at a four-year high and core inflation at the slowest annual pace since early 2021.
German and UK bonds underperformed US peers after the European Central Bank and Bank of England issued hawkish signals on the outlook for their respective interest-rate paths.
German and UK bonds underperformed US peers after the European Central Bank and Bank of England issued hawkish signals on the outlook for their respective interest-rate paths.
The Bank of England. Photographer: Jason Alden/Bloomberg
Traders are betting on a greater than 50% chance that the European Central Bank will hike interest rates in 2026, as this week’s hawkish remarks by policymaker Isabel Schnabel continue to reverberate.
Traders are betting on a greater than 50% chance that the European Central Bank will hike interest rates in 2026, as this week’s hawkish remarks by policymaker Isabel Schnabel continue to reverberate.
Traders are betting on a greater than 50% chance that the European Central Bank will hike interest rates in 2026, as this week’s hawkish remarks by policymaker Isabel Schnabel continue to reverberate.
Traders are betting on a greater than 50% chance that the European Central Bank will hike interest rates in 2026, as this week’s hawkish remarks by policymaker Isabel Schnabel continue to reverberate.
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