29 september. Bonds What’s going to break? German Chancellor och Ulf Kristersson mfl.

 

Bondpocalypse? What’s going to break and when will it happen? 

US stocks have been moving sideways, with the main S&P 500 benchmark only 1.5% below its August record. 

It’s still up 12.2% for the year, despite the drastic tightening of the bond market. 

As for the mainstream credit market, there is no sign of additional pressure.

The turn of the month will bring the usual welter of data, with personal consumption expenditures, ISM purchasing manager indexes and US non-farm payrolls all due by the end of this week. 

If bonds’ slide is to be arrested any time soon, it will probably because something in these numbers disappoints.

John Authers Bloomberg September 29, 2026

https://www.bloomberg.com/opinion/newsletters/2026-09-29/what-s-going-to-break-in-the-bondpocalypse


Spansk inflation lyfter oväntat mycket

Enligt det EU-harmoniserade måttet steg inflationen till 5,0 procent. 

På onsdag kommer motsvarande siffror från Frankrike, Italien och Tyskland och på fredag kommer septembersiffror för hela eurozonen.

Inflationsmålet i eurozonen ligger på 2,0 procent.

DI/TT/: 29 september 2026

https://www.di.se/live/spansk-inflation-lyfter-ovantat-mycket/


Stefan de Vylder. Han är duktig, Stefan.

Ett exempel på det är att han, faktiskt, skrämmande nog, är den förste i världen som kommit på ett avgörande, inbyggt och ofrånkomligt fel med valutaunioner typ EMU.

Han hade nämligen kommit på följande enkla (i efterhand) sak:

"Det faktum att den nominella räntan är gemensam i en valutaunion innebär automatiskt att realräntan blir lägst i de länder som har den högsta inflationen, det vill säga de som skulle behöva en hög ränta, och högst i de länder som skulle behöva stimulera ekonomin."

https://englundmacro.blogspot.com/2008/10/skall-urban-bckstrm-och-svenskt.html


Sex EU-länder, däribland Sverige, hotar att stoppa den kommande EU-budgeten om inte budgeten kapas med flera hundra miljarder euro.

Den föreslagna budgeten är på 2.000 miljarder euro.

EU:s nuvarande ordförandeland Irland ska lägga fram ett kompromissförslag i mitten av oktober. Budgeten ska träda i kraft 2028.

https://www.di.se/live/sverige-hotar-stoppa-eu-s-budget/


Tyskland och deras allierade.

German Chancellor Friedrich Merz and five other EU leaders /däribland Ulf Kristersson/ have threatened to withhold agreement on the bloc’s next seven-year budget unless “hundreds of billions” of euros in spending cuts are secured.

The EU budget “must be fundamentally reformed. We must make choices”, according to a letter signed by the leaders of Germany, the Netherlands, Sweden, Denmark, Austria and Finland and seen by the FT.

The six leaders want to shift resources towards defence and innovative companies to reflect growing economic and security challenges, while reducing funding for farmers and poorer regions, which traditionally absorb about two-thirds of the EU budget.

Financial Times 29 September 2026

https://www.ft.com/content/3b829a46-3eae-4c20-94db-a79c38d0be4c?syn-25a6b1a6=1


Why MAGA hates and loves Europe


The bellicosity has been striking, and it leaves many Europeans baffled. America’s latest national security strategy, released last November, castigated Europeans for embracing “civilisational erasure” by over-regulating the economy and allowing mass immigration. 

In fact Muslims make up perhaps 6-10% of the population in western Europe. Even big cities such as London and Paris, where the Muslim share of the population is closer to 15%, are no less safe than American ones.

Over the past year the Trump administration has attacked the bloc’s Digital Services Act (DSA) for restricting freedom of expression on American tech platforms.
The Economist 28 September 2026



Personer

https://englundmacro.blogspot.com/search/label/Personer


Dagen innan

https://englundmacro.blogspot.com/2026/09/28-september-hajar-du.html





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