◆ Daily Global-Macro Brief LIVE
TODAY IN 30 SECONDS
  1. Fed highlights shift of corporate lending to nonbanks and regulatory response
  2. Bank of England's Market Participants Group Discusses Middle East Conflict Impact
  3. Fed Chair Discusses Tokenization Benefits and Risks for Financial Markets
  4. Fed Governor Waller proposes centralizing back‑office functions across Reserve Banks while preserving regional roles
  5. Fed Approves Columbia Bank MHC and Columbia Financial Inc. Applications

Central Banks 4

  • Bank share of corporate loans fell from 48% in 2015 to 29% in 2025.
  • U.S. private credit market now totals about $1.4 trillion, roughly 10% of corporate borrowing.
  • Bank loan exposure to nondepository financial institutions has grown faster than other loan categories.
  • Recent private‑credit fund redemptions have hit BDCs with limited redemption rights.
  • Fed proposes Basel III tweaks to ease capital treatment and curb lending migration.
  • Upside risks to UK inflation and downside risks to growth have increased due to the Middle East conflict.
  • Market participants expect near-term risks to skew towards Bank Rate moving higher, with varying views on the extent of rate rises.
  • Risk asset pricing has recovered to pre-conflict levels, while global rates markets and central-bank policy path pricing remain sensitive to energy price developments.
  • Waller suggests standardizing IT, HR, finance, risk and payments services across the 12 Reserve Banks to cut costs and improve risk management
  • District‑specific duties such as monetary policy voting, community outreach, supervision and discount window operations will remain locally managed
  • Presidents have created a framework for collective decision‑making and service contracts, with Board oversight limited to performance and cost checks
  • The proposal aims to retain operational independence while leveraging technology and legislative changes for efficiency
+
  • Fed approves Columbia Financial, Inc. as a new top-tier holding company
  • Columbia Financial, Inc. to acquire Columbia Bank and Northfield Bancorp, Inc.
  • Northfield Bancorp, Inc. to indirectly acquire Northfield Bank

Crypto 1

  • Tokenized assets in the U.S. market doubled to about $25 billion over the past year.
  • Tokenization could speed cross‑border payments and improve capital access in West Africa.
  • Central banks, including the Fed, are evaluating financial‑stability implications of tokenized assets.
  • Adoption may target large markets such as bonds, MMFs and repos, leveraging existing liquidity and infrastructure.