For much of the past few years, sovereign bonds were treated as a problem asset. Rising inflation, aggressive rate hikes, and sharp price losses pushed
Global debt levels continued to climb through 2025, but the more important shift occurred beneath the headline totals. Rising interest costs, not new borrowing alone,
Dollar funding conditions rarely announce themselves through dramatic moves in spot exchange rates. Instead, stress builds quietly in the plumbing of the financial system. By
Market repricing cycles are a normal feature of financial systems. They occur when valuations adjust to changes in interest rates, growth expectations, or macro conditions.
Few assets confounded expectations in 2025 as much as the U.S. 30 year Treasury bond. Entering the year, consensus assumed that persistent deficits, heavy issuance,
The global debt picture at the end of 2025 reveals a clear divergence that is reshaping macro expectations. Public borrowing continues to expand across many
Global debt levels have been rising for years, but 2025 marked a turning point in how markets and policymakers interpret the cost of carrying that
Government borrowing used to be treated as an operational detail, something handled quietly by debt management offices and absorbed routinely by markets. That view no
Global dollar liquidity rarely announces itself through headlines. Instead, it reveals stress quietly through funding markets, particularly in cross currency basis swaps. These instruments have
Japan’s budget debates often focus on headline spending totals and stimulus priorities, but markets are paying attention to a different line item. Debt service costs,
