◆ Daily Global-Macro Brief LIVE
TODAY IN 30 SECONDS
  1. Traders Shift to Hike Expectations Following Inflation Surge
  2. UK regulators warn firms on cyber risks from frontier AI models
  3. U.S. industrial natural gas consumption projected to set new records through 2027
  4. Basic Figures on Fails (Apr.)
  5. Fed names Powell chair pro tempore ahead of Warsh's swearing-in

Markets 1

  • April fails-to-deliver data released for U.S. securities
  • Fails measured in total shares and dollar value across equities
  • Regulators highlight settlement risk and monitor trends

Central Banks 3

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  • 51% probability of a December Fed rate hike
  • 60% probability of a January rate hike
  • 71% probability of a March rate hike
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  • Powell appointed chair pro tempore until Kevin Warsh's official swearing-in
  • Transition follows standard Fed practice during chair transitions
  • Warsh's appointment pending, no timeline specified for swearing-in
  • Fed Board does not object to United Texas Bank conversion to national bank
  • Conversion follows Dodd-Frank Act requirements
  • OCC submitted supervisory plan to address enforcement actions

Energy/Oil 1

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  • Industrial natural gas use averaged 23.6 Bcf/d in 2025, up 1% from the 2023 record of 23.4 Bcf/d.
  • Forecast predicts consumption will continue rising, hitting new highs in 2026 and 2027.
  • Growth is linked to a modest increase in the natural‑gas‑weighted manufacturing index.

Tech/AI 1

  • Frontier AI models already surpass skilled hackers in cyber capability, amplifying financial stability risks
  • Regulated firms urged to bolster cyber resilience, governance, and third-party risk management amid AI-driven threats
  • UK authorities to monitor frontier AI developments via CMORG and issue further guidance in 2026

Companies 2

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  • Fed approves Stephen M. Calk 2025 Trust's application to become a savings and loan holding company
  • Trust to acquire National Bancorp Holdings, Inc., and indirectly The Federal Savings Bank
  • Approval required under U.S. banking regulations
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  • Fed ended 2023 cease-and-desist orders against UBS, Credit Suisse AG, and its US subsidiaries on May 12, 2026
  • Termination follows completion of post-merger integration and compliance reviews
  • No further regulatory penalties or restrictions imposed on the entities