Bank of America forecast “reserves in the Eurozone and UK to fall towards their estimated demand level: excess liquidity in the Eurozone is forecast to fall to €2.4tln by end-2025 vs estimated demand of €1.7-2.8tln; reserves in the UK are forecast to fall to ~£630bn by end-2025 vs the PMRR of £345-£490bn.”
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Throughout November’s policy and market volatility, though, Treasury auctions largely impressed, with 5 of 7 nominal coupon sales trading through.
MNI's latest US Treasury Issuance Deep Dive has just been published (PDF link here):
November proved a dramatic month for Treasuries. Yields were volatile before and after the Nov 5 election - after ending October at 4.28%, 10Y yields peaked at five-and-a-half-month high just above 4.50% mid-month before closing November just below 4.18%, as markets attempted to price in the implications of a Republican “sweep”.
Our latest Employment Insight has just been published and emailed to subscribers.