Fixed Income Markets

CME FedWatch now prices a 50% probability of a rate hike as Kevin Warsh prepares to take over the Federal Reserve from Jerome Powell. Treasury yields are surging across all maturities while G7 finance ministers convene to address a global debt selloff. Analysts warn Warsh may restructure the Fed's policy framework itself, replacing the fed funds rate with the overnight repo rate.

Duke Energy, Multitude AG, and Eutelsat are refinancing $3.2 billion combined in maturing debt obligations. Duke Energy is replacing $1.725 billion in convertible notes with $1 billion in 2029 notes, Multitude is tendering €50 million in capital notes, and Eutelsat is raising €1.5 billion in senior notes. The coordinated refinancing wave reflects companies preempting maturity walls and potentially capturing favorable credit conditions.