08/01/2023

Losing control: BoJ adjusts yield curve control

Japan is the largest holder of US Treasuries, and while JGB yields are still a long way from US yields, any meaningful increase reduces Japan’s incentive to invest in foreign bonds at the margin.

07/19/2023

Taking the Edge Off the Risks

Last week’s better-than-expected US inflation report led to a rally in both bond and equity markets.