The pound’s slow but steady gains in the past year or so have seen it recover almost all of its post-Brexit referendum losses against the dollar. But in a welcome sign that monetary policy remains data-dependent rather than driven by what might be called fear of missing out, Bank of England Governor Mark Carney may have just halted its ascent. ...

President Donald Trump’s $1.5 trillion of tax cuts have to be funded somehow. Step forward ever more US Treasury bills and notes. As the bulk of the new supply is coming at five-year maturities or less, that’s having a pronounced effect on the US yield curve. And markets on the other side of the world are starting to feel it. ...

Last Sunday, 13,000 people took to the streets of Berlin carrying signs like ‘Renters Aren’t Lemons.’ Despite Germany’s tenant-friendly laws, a tide of gentrification is gradually turning Berlin from the ‘poor’ capital of cool into another generic hipsterville. The city calls it ‘rent madness.’ The smallest increase in rents between 2007 and 2016 was 34 percent in Marzahn-Hellersdorf, an area ...