The European Parliament has advanced legislation for a digital euro, voting to proceed with negotiations with the European Council. The digital euro, issued by the European Central Bank, aims to provide a secure alternative to non-EU payment providers. Privacy safeguards and a cap on individual holdings are included in the proposal.

US CFTC enforcement director David Miller said the agency is moving away from "regulation by enforcement" and will focus more closely on statutory authority and legal standards. The shift signals a more restrained enforcement posture as the agency faces scrutiny over perceived overreach in derivatives, crypto and market-structure oversight.

A US Treasury auction of 30-year bonds has yielded 5.058%, the highest since 2007, as increased government borrowing drives investor demand for higher returns. Gregory Peters of PGIM Credit predicts yields could reach 5.5% within a year, driven by global borrowing and corporate funding for artificial intelligence infrastructure.

US Federal Reserve Chair Kevin Warsh named outside experts, business leaders and former central bankers to five task forces reviewing the central bank's communications, balance sheet, data, productivity and inflation framework. The panels include Marc Andreessen, Mervyn King, Greg Mankiw and former Walmart CEO Doug McMillon, with findings expected to inform potential Fed policy and operational changes this year.

The Bank of England's UK Money Markets Code Sub-Committee is considering proposals to enhance the resilience of the gilt repo market, focusing on improving liquidity supply. The proposals include encouraging central clearing, improving margining practices and exploring new clearing models. The BoE notes that any policy changes will take years to implement.

The yuan strengthened after the People's Bank of China set the daily reference rate below 6.8 per dollar for the first time since 2023, indicating comfort with the currency's strength. The offshore yuan rose as much as 0.3% to 6.7785 per dollar, and the onshore yuan gained 0.2%.

The Financial Conduct Authority has reported that suspicious trading activity occurred before 41% of UK takeover announcements last year, a record high. The FCA said this has raised concerns about leaks and insider trading amid increased market volatility.

European supervisors are pressing for more detailed data on banks' exposure to private credit, but face resistance from US officials over confidentiality and reporting burdens. The dispute highlights rising concern that opaque valuations, layered funding structures and limited look-through into the $2 trillion market could hide risks across banks, insurers and pension funds.

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