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US – Treasury support for treasuries Last week, the US Treasury stepped in to support the long end of the curve by announcing an increase in buybacks of longer-dated Treasuries. The move followed a roughly 40 basis point sell-off in 30-year yields over July and August and suggests that long-end yields are becoming an increasingly […]
Fed – Credibility on the line The July Fed meeting ended up raising market concerns about the new Chair’s commitment to inflation. The decision was to hold rates at 3.50–3.75%, in line with consensus. The commentary, though, underscored a degree of complacency towards the recent pickup in inflation, in contrast to the impression the market […]
ECB – September hike in sight Last week, the ECB left its key policy rates unchanged, as widely expected. With oil and gas prices now back close to the baseline scenario, President Lagarde delivered the partially hawkish message that investors had anticipated, noting that some Governing Council members had considered an immediate rate increase. At […]
The ETS at a crossroad The European carbon market, formally the EU Emissions Trading System (EU-ETS), is the world’s first and largest “cap-and-trade” market. It covers more than 10,000 installations across the European Economic Area in power generation, energy-intensive industry, shipping and aviation, together roughly 40% of the EU’s greenhouse-gas emissions[1]. The traded instrument is […]
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