France yields surpass the PIIGS’

22 September 2025

France yields surpass the PIIGS’ – Download Chart of the week

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  • The Fed’s rate cut sparked optimism among investors, lifting equities to record highs, but sticky inflation especially in services, and liquidity/funding pressures suggest that cutting too far or too fast remains risky. 
  • With inflation still above target and fiscal pressures mounting, the BoE is holding rates steady and slowing QT, but is cautious about signalling cuts, the path to easing remains uncertain and likely delayed. 
  • The ECB is staying put for now, confident inflation is moving toward target in the medium term but remains alert to risks. The extension of the swap line with China underlines concerns about global liquidity and cross-currency stresses. 
  • Global financial conditions are being shaped heavily by central bank signals (US rate cuts, BoJ policy changes), with spillovers affecting EM asset valuations, currency volatility, and global trade activity. 

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