At the same time, liquidity in the domestic bond market remains thin, with limited secondary trading, high barriers to retail participation, and legacy settlement systems that add friction and cost. Against this backdrop, a new technological lever is gaining traction globally, tokenization.

Despite tight high yield spreads and low default rates as of mid-2025, a historic test for credit markets is approaching. In 2026, over $500B in high yield bonds and leveraged loans must be refinanced, just as the two main funding engines,

The Federal Reserve held the target range for the federal funds rate at 4.25% to 4.50%. On the surface, it was a status quo move. But beneath that stillness lies a Fed walking a tightrope, balancing elevated inflation, a labor market gradually softening, a consumer engine beginning to stall, and a liquidity structure that may be masking deeper fragilities.

Our analysis suggests a base case 12 mth target of 6,500 for the S&P 500, underpinned by a transition into a late-cycle macro environment: slowing nominal growth, stable inflation near 2%, and a Federal Reserve that has paused quantitative tightening and stands ready to cut rates in 2026 possibly late 2025.

In 2025, the US term premium (TP) remains stubbornly low even as the national debt surges past 120% of GDP. This phenomenon has puzzled many macro observers, especially those trained in classical models that link rising public debt to higher borrowing costs.

Customs tax receipts, retail price indices, shipping costs, and product level tariff rates all point to a CPI acceleration in Q325. However, the impact will be concentrated in specific goods and fade quickly due to falling aggregate demand.

US banks have ramped up their purchases of Treasury securities, adding over $77bil since April. On the surface, this may seem counterintuitive: Treasury issuance is rising, the Fed is still in quantitative tightening (QT) mode, and real yields remain elevated. So what’s driving this sudden appetite?

his rally was powered not by sentiment, but by a convergence of synthetic foreign capital flows, dealer positioning, and gamma dynamics, with the plumbing running through Ireland, Luxembourg, and the Cayman Islands.

Trinidad and Tobago is walking a fiscal tightrope in 2025. As our Deficit Tracker illustrates, the first five months of the 2025 fiscal year have seen the government rack up a cash shortfall of TT$4.42 bil (according to the current government), placing the country on course to breach TT$11 billion in annual deficit the highest since the TT$17.3 billion collapse in 2020.

T&T's economy is entering a paradox. While import volumes, retail activity, and consumer prices have surged post pandemic, government tax receipts have failed to keep pace. This divergence not only raises concerns about tax compliance and institutional effectiveness, but also points to a deeper structural problem

This May rise is not being driven by new inflationary momentum. Rather it is a textbook case of base effects. Inflation prints from the spring and summer of 2024 were unusually soft. This means even modest monthly gains in current prices mechanically lift year-over-year inflation

Guyana, a nation of just 750,000 people, is undergoing one of the most dramatic economic transformations in the world. Fueled by...

Donald Trump signed an EO to create a U.S. sovereign wealth fund (SWF). At first, this might seem confusing. Why would a country that...

For much of the past two years, markets and economists have flagged an impending U.S. recession. Yield curve inversions, tightening credit, and deteriorating sentiment painted a classic late-cycle picture. However, high-frequency and liquidity-based indicators now challenge that narrative.