Market Information Tuesday 25 August 2026

The US Treasury may tap its nearly $1 trillion General Account, known as the TGA, to fund expanded bond buybacks, senior officials say. Last week the Treasury doubled long-term buyback minimums from $2 billion to $4 billion, dubbed a “Treasury Twist” by Secretary Scott Bessent. Bond yields rose afterward on doubts about the plan’s funding and scale. Using the TGA, currently far above the prior $550-600 billion target, could reassure markets without requiring more short-term bill sales.

Singapore’s inflation rose to 2.2% year-on-year in July, a near two-year high, missing the 2.3% forecast, as the Iran war pushed up energy and electricity prices. Core inflation reached 2%, below the 2.2% expected. The Monetary Authority of Singapore (MAS) had surprised markets by tightening monetary policy in July, warning of rising imported inflation. Singapore rolled out two support packages worth about SGD 2 billion. The city-state also upgraded its 2026 GDP forecast to 4.5%-5.5%, more than double its earlier low-end estimate.

Brazil’s central bank chief Gabriel Galípolo warned that rising household debt is a natural consequence of expanded credit access, as President Lula’s government rolls out stimulus ahead of October’s election. He flagged credit cards as a particular concern, with some revolving credit rates around 15% a month. The central bank recently cut its benchmark Selic rate by a quarter-point to 14%, while warning that demand stimulus poses upside inflation risks against its 3% inflation target.

The 6M Euribor increased with 3 basis points to 2.77% compared to previous business day. The 10Y Swap decreased with 1 basis point to 3.27% compared to previous business day.

In the attachment, today’s market data on money and capital market rates as well as other rates are presented.