Market Update 25 September 2025
Markets are becoming uneasy
Japan’s CPI trend is still down despite the small miss overnight.
Australian CPI came in much hotter than expected and has risen from 1.9% YoY in July
The big jump in US New Home Sales surprised everyone
US new home sales jump to more than 3-1/2-year high; economists dismiss rise as a fluke [Reuters]
Summary of 5-Year Treasury Note Auction (September 24, 2025)
Security: 5-Year Note, CUSIP 91282CPA3, Series AD-2030, 3-5/8% interest rate.
Offering Amount: $70 billion (accepted: $70,000,003,200).
High Yield: 3.710%.
Price per $100: 99.615328.
Bid-to-Cover Ratio: 2.34 (indicating solid demand).
Bidder Allocations: Indirect (59%): $41.5B; Direct (29%): $20.0B; Primary Dealers (12%): $8.3B.
Overall, the auction showed strong investor interest, with foreign and institutional buyers (indirect) taking the largest share, typical for a well-received sale.
But markets don’t care, Powell’s speech yesterday was markedly different from the post FOMC presser last week and that’s what is moving markets.
Breaking
Trump Says NATO Should Down Russian Jets Breaching Airspace [Bloomberg]
US debt investors raise alarm over lending standards [FT]
Equities end lower as valuation concerns creep in [Reuters]
Italy urges Gaza flotilla to hand over aid after drone attack [Reuters]
For Free Subscribers
For Paid Subscribers
Economic Indicators Today
