Ifo Institute analysis found more than one-third of Germany's 2025 new borrowing under a defence-and-security exemption was used for non-defence purposes. Spending covered by the exemption rose from €54.6bln in 2024 to €72.2bln in 2025 (+€17.6bln), while new borrowing under the clause reached €28.6bln in 2025—implying €11.0bln (38.5%) of that new debt was not converted into additional defence and security spending. Ifo researcher Emilie Hoeslinger said the fiscal space freed in the core budget w

US August PPI printed 2.4% YoY versus 5.3% expected, while core PPI rose 0.2% MoM versus 0.3% expected, a mixed signal as Fed officials debate next week’s move. After the report, markets fully priced an October Fed rate hike. The PPI came a day before the latest CPI, which is expected to show relatively tame core inflation. Some Fed officials say the Sept. 15-16 decision could hinge on this week’s data. Fed chair KEVIN WARSH said last month the Fed 'has more work to do' if policymakers are not confident underlying inflation is improving. Ongoing US-Iran hostilities have pushed oil higher, complicating the outlook.

美國聯邦住房局局長表示，將立即把房利美和房地美的內部信用評分數據納入MBS、CRT及其他證券化產品中。