Rising equilibrium real rates, driven by declining Treasury convenience yields, are emerging as a dominant force in asset pricing.

The State Street Risk Appetite Index remains positive, though moderating from April’s elevated levels, pointing to a measured recalibration in investor sentiment.

Is inflation truly easing? May’s State Street PriceStats data shows slowing momentum — but continued pressure beneath the surface.

We uncover why equity market volatility has remained subdued despite historically elevated levels of policy uncertainty — a disconnect that has become increasingly pronounced since 2016.

Our analysis explores whether recent private credit stresses are isolated events or early warning signs of broader systemic risk.

We analyze the financial stability and portfolio implications of interest-bearing stablecoins under emerging US regulation, including effects on bank funding, run risk, and digital dollarization.