Politicians will not voluntarily fix sovereign debt issues because fiscal discipline loses elections. The UK and France have already run out of runway and have their backs against the wall. The US is still "kicking the can", but when $1 out of every $5 collected goes strictly to paying interest, the market will eventually force a reckoning there as well.

The Fed, Bank of England and Bank of Japan delivered monetary policy decisions largely as expected last week, soothing bond investors who remain concerned about the cost of government borrowing globally. Stocks were mostly weaker with the exception off Japanese equities and the NASDAQ.

It was a relatively quiet week with holidays right in the middle of the week for many countries. Equities were better, yields were higher.

It was an "everything up" week, with global equities, US Treasuries, corporate bonds and gold all registering gains. Happy summer!

Bonds were battered again, but not global equities which took off like rockets. Earnings good, economic data good, etc – what's not to like

It was a holiday shortened, rather lacklustre week in markets. Good that 2022 is over. FY returns were poor across equities and bonds.

The Federal Reserve is in the early stages of reducing its balance sheet, or quantitative tightening ("QT").

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?