January 2, 2025
United States:
Treasuries Gain Most Since 2020 Amid Tariff Chaos, Fed Rate Cuts
The Treasury market in 2025 had its best year since 2020 as US trade policy shifts curtailed economic activity and the Federal Reserve cut interest rates in response to weakening labor-market conditions.
At the same time, Treasury yields remained confined to ranges in place roughly since the end of the Fed’s historic 2022-2023 tightening cycle. The 10-year, for example, ranged from 3.86% to 4.81%, its narrowest band since 2021.
Europe:
UK House Prices End 2025 With Surprise Drop, Nationwide Says
UK house prices unexpectedly fell in December, according to a top mortgage lender, in a sign that the property market may have been affected by Labour’s tax-hiking budget.
Nationwide Building Society said the average price of a home was down 0.4% to £271,068 ($365,000), declining for the first time in four months. It reversed November’s 0.3% increase and defied analysts’ expectations of a 0.1% gain to end the year.
Asia:
Asia Manufacturing Rebounds as Global Demand Weathers Trump Hit
Trade bellwethers Taiwan and South Korea led a rebound in Asia’s manufacturing activity, with firms heading into 2026 with optimism that global demand is weathering President Donald Trump’s war on free trade.
Key economies in the region expanded factory activity in December, reporting an uptick in new orders and output even as cost pressures climbed, according to S&P Global purchasing managers’ indexes released Friday.
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