US 4-week Treasury bill auction to Oct. 8: share awarded at the stop-out yield 50.05% (prev. 23.52%).

據路透調查：73位經濟學家中有64位預計，歐洲央行將在12月將存款利率上調25個基點至2.75%（9月調查時爲64位中有58位預計爲2.50%）。

The $1.8 trillion private credit market is facing renewed refinancing stress as loans issued during the low-rate period—especially in 2021–22—come due. Steve Kupenheimer, partner and head of private investments at Lord, Abbett & Co., said loans underwritten and priced when benchmark interest rates were near zero are most exposed; as that cohort matures borrowers will face greater refinancing pressure and higher default risk. Kupenheimer said he believes we are in a relatively elevated default cycle, with current default rates around 3–4% versus roughly a 2% historical average.