Nonprofit organization finance departments and boards often rely on a single measure of financial health: months of reserves. The problem is that this one number is often being asked to answer several fundamentally different questions, and never quite sat... See more
French government bonds got bodied by this week’s global sell-off, as France-specific fears spiked the already heady cocktail of alarms driving yields higher everywhere. The OAT-Bund spread was knocked right off the pitch, to 113bp. Unfortunate timing for... See more
These are strange times in bond markets. The last six months have turned the interest rate cycle — never a very reliable oscillator — on its head. Not everything is President Trump’s fault of course — but this kind of is. Since the US attacked Iran on Feb... See more
Financial markets are not shy of making their anxieties felt — in theory. When Kwasi Kwarteng as UK chancellor of the exchequer gave his infamous fiscally expansive mini-Budget in September 2022, the 10 year Gilt yield spiked nearly 100bp in days. US pres... See more
Capital markets have barely reacted to the unprecedented heatwaves sweeping Europe and north America, even though they give a foretaste of much worse disruption to come. The markets’ seeming insouciance is partly down to investors struggling to know how t... See more
