It’s going to be Janet Yellen’s Federal Reserve no matter who is the next chair. With every headline, financial markets get jolted as investors guess whether US President Donald Trump will re-nominate Yellen to the helm of the US central bank or opt for a more hawkish successor such as Stanford University economist John Taylor. Fed chairs matter. If credible, ...

The morning after is always when reality hits. Reading the news headlines about China’s recently minted sovereign bond, one could be forgiven for thinking President Xi Jinping’s moment in the capital markets has arrived. The government’s $1 billion of 10-year notes were priced just 25 basis points over Treasuries, with the spread narrowing to less than 10 basis points Friday ...

Catalonia’s declaration of independence from Spain, passed by the Catalan parliament on Friday, is a largely symbolic gesture as far as true independence goes. It will, however, require all of Spanish Prime Minister Mariano Rajoy’s experience and skill to defuse this situation. These last couple of days, I’ve been in Barcelona trying to make sense of the complex game that’s ...