US Federal Reserve Chair Kevin Warsh will use his first Jackson Hole speech to defend a leaner communications strategy as investors question the central bank's inflation outlook and credibility. Economists warn limited guidance could add to long-yield volatility and policy uncertainty, though some say less market micromanagement may restore focus on economic data.

US inflation data is being released amid rising stress in the bond market, with 30-year borrowing costs at their highest since 2007. The US Treasury plans to increase long-term bond purchases, but analysts say inflation will be more influential. The US Federal Reserve is concerned that high inflation could become self-fulfilling, although the Personal Consumption Expenditures index is expected to remain above the Fed's target.

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US buyers are acquiring European asset and wealth managers at the fastest pace in decades as fee pressure, rising costs and demand for global scale squeeze the region's fund industry. The deal wave underscores the growing dominance of large US managers in Europe, though executives say specialist firms can still compete by focusing on areas where they have a clear edge.

Indonesian government bonds drew their strongest foreign inflows since 2019 as rupiah gains, expectations of steady rates and central bank hedging incentives improved sentiment. The rally suggests currency stability is pulling global funds back into local debt even as Indonesia's yield advantage narrows.

US President Donald Trump's second term has not been without significant challenges, including a record $40 trillion in debt, rising fuel costs and higher mortgage rates. The war with Iran has contributed to a 40% increase in gasoline prices and a surge in diesel prices, while the yield on long-term debt has hit a 19-year high, reflecting investor concerns about borrowing. Despite strong economic growth driven by consumer spending and investment in artificial intelligence, the growth rate is below the administration's projections.

ESMA published a final report in July proposing a 'report-once' system to streamline three EU reporting regimes, which is meant to cut firms' compliance burden and improve regulatory visibility across markets. Critics warn the reforms may deliver limited savings and still fall short of a complete derivatives picture if they fail to align with single-sided reporting.

Andrew Douglas, chair of the UK Accelerated Settlement Taskforce, says the UK's shift to T+1 settlement isn't a "slam dunk" despite the experience firms have gained from the US and other markets. Douglas notes the UK is approaching T+1 as part of a broader digitalization effort, which includes modernizing post-trade infrastructure. Douglas emphasizes the importance of settlement efficiency, as firms with automated processes will be more attractive counterparties under T+1.

This September, ISDA is bringing together two dedicated in-person events in London, designed to support collateral professionals at every stage of their career. The ISDA Masterclass: Collateral Management provides practical training on industry best practices, while the ISDA/IA Collateral & Liquidity Management Conference brings together market experts to discuss regulatory change, optimization strategies and emerging trends. Register here to attend one or both events to gain valuable insights, expand your network and stay ahead in an evolving market.

ISDA's yearly Canada conference provides insights on key legal and regulatory updates affecting global and Canadian markets, as well as ISDA initiatives. This event will explore key regulatory and policy updates, market infrastructure, trading and clearing developments, and emerging industry challenges, while providing valuable insights from experts across the Canadian financial sector. Click here to register.

The latest data from the Bank for International Settlements over-the-counter (OTC) derivatives statistics shows an increase in notional outstanding of OTC derivatives during the second half of 2025 compared to the same period in 2024. Notional outstanding rose across all major asset classes, including interest rate derivatives (IRD), foreign exchange, equity and commodity derivatives. Click here to read the paper.

Global credit default swap (CDS) market activity reached a record $41.8 trillion in 2025, surpassing the previous peak of $38.7 trillion in 2022. Index CDS drove the increase, accounting for 93.3% of total activity and reaching a record $39.0 trillion. Click here to read the paper.