None of the three major central banks that had monetary policy meetings this week – including the Fed, the BoE and the BoJ – changed their monetary policy approach, although central banks in Switzerland, Sweden and Norway all eased. Markets remain slightly on edge because of the growing Middle East conflict.

All eyes have been on the 2025-26 US budget discussions in the House this week, with the "big beautiful bill" getting through (albeit barely) and heading to the Senate. Professional bond and currency investors are signalling concern, visible in higher UST yields and a weaker US Dollar.

Markets continued to stabilise this week, at least as far as risk assets including global equities and BTC. Other assets moved sideways.

Most focus this week was on the FOMC decision, which was initially viewed as slightly dovish before reality sat in. Markets were mixed.

Last week was the second week running that the start of the week was characterised by turmoil, this time caused by tariff threats.  Mr...

The week started and ended poorly for US stocks, delivering losses for the week. European stocks have been the best performers YtD.

Global equities staged a nice rally last week, and government bond yields fell in the US and UK. Oil, gold and Bitcoin were all higher.

FOREX is in the news, especially as many think the USD has reached its peak and is at an inflection point. What drives FOREX? Read on.

The bond market looks to be doing the Fed's dirty work, sending short term yields to post-pandemic highs. Is the Fed being too methodical?