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Every Lombard Review analysis, newest first: central banks, rates, currencies, credit and corporate finance.
Germany's bond shortage is finally easing
Collateral scarcity drives Bund swap spreads
New Year: Everyone expects a recession. That's the warning sign
Crowded forecasts underperform
New Year's Eve: The year the classic portfolio failed
Stock-bond correlation turns positive
How long can shoppers keep spending their pandemic savings?
Consumption cushion drawdown rate
Christmas: Why markets go quiet — and fragile — at year-end
Year-end balance-sheet constraints
The debt bill companies have pushed to 2024
Closed HY market pushes refinancing into 2024–25
Japan surprises everyone, and bonds everywhere feel it
YCC band widening releases JGB repatriation
China reopens, and the world gets a new inflation problem
Commodity demand rebound vs goods disinflation
Cyber Monday: What the discounts say about inflation
Online price indices lead CPI goods
Black Friday: Shop now, pay later, default sooner
Revolving credit funds holiday spend
Retailers ordered for a boom that never came
Markdowns convert inventory glut into margin loss
Rents are already falling. Official data hasn't noticed
New-lease indices lead CPI rent ~12 months
FTX spent its customers' money. That was the business
Commingled deposits funded affiliate risk
Singles' Day: Alibaba stops showing its numbers
Disclosure silence signals weak consumer
Why slowing down could mean the Fed goes higher
Step-down in pace trades against longer hold
Meta's spending spree just cost it a quarter of its value
Capex guide without revenue path crushes multiple
Is the world's safest market becoming hard to trade?
Dealer balance-sheet limits thin Treasury depth
Diwali: India's gold habit is weighing on the rupee
Festive gold imports widen current-account deficit
Bond investors want to be paid for waiting again
Affine model decomposition of long yields
The Bank of England takes away the safety net
Backstop expiry tests market-clearing price
Banks are stuck holding Elon Musk's Twitter debt
Committed underwriting marked below par
Japan is fighting the dollar. The dollar is winning
Sterilised intervention vs carry differential
Two jobs reports, two stories. Which one matters?
Vacancy-unemployment ratio vs payroll momentum
Britain learns the price of a budget nobody believed
Unfunded tax cuts reprice sovereign risk premium
Rich on paper, short of cash: the pension paradox
DB schemes liquidate illiquid assets to meet margin
How Britain's pension funds nearly broke the bond market
Leveraged liability hedges force gilt sales into falling market
Nineteen Fed officials, nineteen different futures
Dot dispersion as policy-uncertainty proxy
The inflation the Fed can't fix: your haircut and your dentist
Labour-intensive services track wage growth
The euro falls below the dollar, and gas is to blame
Gas import bill flips current account to deficit
Don't bet on inflation falling just because the maths says so
YoY vs 3m-annualised CPI divergence misleads