The Lombard Review

Markets & Finance

Bonds, stocks, currencies, credit and commodities: the latest analysis of financial markets.

Politics

Trump moves to fire a Fed governor

Governance risk lifts long end

Markets & Finance

Japan's bond market turns nervous

Fiscal-populism risk in long JGBs

Politics

The debt ceiling rises by $5trn

TGA rebuild drains reserves

Markets & Finance

Stablecoins could become big buyers of Treasuries

Reserve mandates create bill demand

Markets & Finance

The tax aimed at foreign investors

Withholding surcharge on US assets

Markets & Finance

America loses its last AAA rating

Rating symmetry across agencies

Markets & Finance

China holds the yuan steady

PBoC resists competitive devaluation

Markets & Finance

"Sell America": are foreign investors walking away?

Term premium on governance risk

Markets & Finance

The dollar stops acting like a safe haven

Dollar and yields decouple

Markets & Finance

Stocks and bonds fall together. That's the problem

Treasuries sell off with equities

Markets & Finance

The Fed quietly stops shrinking its bond pile

Near-halt of Treasury runoff

Markets & Finance

The market's biggest names fall hardest

Growth scare derates concentration

Markets & Finance

Germany opens its wallet, and bonds tumble

Debt-brake reform reprices Bunds

Economy

The recession forecast caused by gold bars

Non-monetary gold distorts net exports

Markets & Finance

Markets swap inflation fear for growth fear

Real-yield decline on activity data

Markets & Finance

Why the dollar isn't rising on tariffs

FX offset breaks down

Markets & Finance

DeepSeek's shock sends investors running to bonds

Equity shock lowers term premium

Business

Wall Street banks bet on deregulation

Fee pool recovery vs capital relief

Markets & Finance

Britain's borrowing costs hit a 27-year high

Fiscal rule headroom erodes with yields

Economy

Great jobs data, bad news for bonds

Strong data lifts term premium

Special Report

New Year's Eve: The dollar's big year

Growth and rate gap drive USD

Politics

The debt ceiling is back

Suspension lapse restarts X-date clock

Special Report

Boxing Day: Why money markets get jumpy at year-end

Turn-of-year funding spikes

Special Report

Christmas: A lump of coal from the Fed

Tariff risk halves easing

Markets & Finance

France now borrows at higher rates than Greece

Political risk inverts core-periphery

Special Report

Black Friday: Shoppers race to beat the tariffs

Import pull-forward, strong dollar

Business

Companies are stockpiling before the tariffs hit

Inventory pull-forward ties up cash

Markets & Finance

Can a stronger dollar cancel out tariffs?

Dollar appreciation absorbs tariffs

Markets & Finance

The winners from a Republican sweep

Capital relief expectations lift regionals

Markets & Finance

Election night for the bond market

Fiscal expansion priced into long end

Special Report

Halloween: The Fed cut, and yields went up

Yields rise after cuts

Business

Tesla's profits: look closer

Non-core credits flatter auto margins

Politics

Election jitters push up long-term rates

Fiscal uncertainty lifts term premium

Business

Banks' interest income bottoms out

Rate cuts compress bank margins

Markets & Finance

The Fed cut rates. Why are mortgage rates rising?

Term premium reprices post-easing

World

China finally fires its stimulus bazooka

Monetary easing vs deflation expectations

Markets & Finance

Half a point or a quarter?

Media leaks as information shocks

Special Report

Labor Day: Is the job market cracking?

Labour-supply vs demand weakness

Markets & Finance

The yield curve un-inverts. Is that good news?

Bull steepening precedes downturns

Markets & Finance

The carry trade that blew up

Funding-currency squeeze unwinds leverage

World

Japan hikes into the world's most crowded trade

Positioning asymmetry before hike

World

Japan steps in to save the yen

Suspected intervention after data

Special Report

Independence Day: Is the dollar losing its crown?

Reserve diversification pace

Markets & Finance

The "Trump trade" hits bonds

Tariff and deficit risk lift long end

Markets & Finance

How a presidential debate moves the bond market

Event study of debate repricing

Business

Nvidia becomes the world's most valuable company

Single-stock weight in index funds

Markets & Finance

Is France the eurozone's next crisis?

TPI eligibility and spread ceiling

Markets & Finance

Macron's gamble spooks French bond markets

Fiscal policy risk reprices spreads

Markets & Finance

Nvidia hits $3trn, and index funds are along for the ride

Index flows amplify single names

World

What happens to the euro when the ECB cuts first

Rate differential vs growth differential