The Bank of England (BoE) cut interest rates by 25 basis points today, citing concerns over Donald Trump’s tariff policies on economic growth. However, the bank’s Monetary Policy Committee (MPC) was unexpectedly split three-ways in its decision as it faces the more unpredictable...

On Wednesday, May 7, 2025, the Federal Open Market Committee (FOMC) voted unanimously to hold the fed funds rate at a target range of 4.25% - 4.50%. The FOMC statement mentioned an increase in uncertainty around the economic outlook since the last meeting. The Fed board believes its monetary...

A wave of economic data was released last week, giving investors plenty to ponder. Some data concerned investors, such as a negative GDP print, the continued slide in consumer confidence, and an uptick in jobless claims. However, several items boosted investor sentiment, with a PCE index in line...

Last week, the markets found glimpses of hope regarding tariff negotiations as the U.S. is reportedly discussing deals with a handful of trading partners, including China. Worries around Fed Chair Jerome Powell’s job security and independence of the Fed eased after President Trump assured the...

Last week, the markets digested President Trump’s confidence in securing trade deals, his lack of confidence in Fed Chair Jerome Powell, and a mixed bag of economic news. The S&P 500 finished the week down 1.49%, and the 10-year Treasury retreated about 16 bps, closing the week at 4.33%. While...

FX hedging costs vary across currency pairs. “Cost” from a certain direction of capital flow is in fact a “gain” in the opposite direction.

Last week was another roller-coaster week as markets tried to digest announcements surrounding U.S. trade policy. Cooler inflation reports failed to calm markets even though both CPI and PPI came in below expectations. The S&P 500 finished the week up 5.73% after posting a 9.52% single-day return...

FX volatility poses a growing challenge for treasury and financial teams in today's increasingly unpredictable global landscape. Geopolitical tensions, tariff turmoil, shifting central bank policies, and inflationary pressures are driving currency fluctuations across markets. These fluctuations...

The purpose of this report is to present changes in lending markets across key property types for use in marking debt to market for financial reporting. The Chatham fixed- and floating-rate indices for each property type represent how coupon rates and spreads have changed. For the first quarter...

The tariff announcements on April 2 added clarity to U.S. trade policy. However, the tariffs were more severe than anticipated and sent markets reeling. The S&P 500 declined -9.05%, sending it into correction territory. The 10-year Treasury also declined sharply, closing the week at 4.0%, a...