The Friday Review

What we are reading:

The Treasury sold 30-year bonds Thursday at the highest yield since 2001. Also in the roundup: Federal Home Loan Bank coordination gaps in the weeks before SVB failed, the first rewrite of insider lending rules since 1979, tariff refunds showing up in reported earnings, and the head of the world's largest sovereign wealth fund on how much of it could disappear.

📈 The Treasury sold $25B of 30-year bonds Thursday at 5.216%, the highest that tenor has cleared since 2001, and a growing number of economists now read the level as structural rather than cyclical. https://www.nbcnews.com/business/economy/high-interest-rates-treasury-yields-rcna592400

🏠 GAO found that Federal Home Loan Bank coordination with the Fed lagged in the weeks before SVB and Signature failed, when the two lifted advances 50% and 37% and system advances peaked near $1 trillion. https://legis1.com/news/federal-home-loan-banks-coordination-post-2023

🅾️ The Fed and FDIC proposed the first rewrite of Regulation O since 1979, lifting the board-approval and public-disclosure threshold on insider loans from $500,000 to $2M and indexing it going forward. Comments close October 5. http://bankingjournal.aba.com/2026/07/fed-proposes-to-update-rules-on-lending-to-bank-insiders/

🧾 IEEPA tariff refunds have passed $100B against roughly $166B owed, and they are landing in earnings: Apple booked $2.19B in its fiscal third quarter, worth $0.11 of EPS. https://www.wsj.com/economy/trade/trump-tariff-refunds-company-earnings-1af269a2

🛢️Nicolai Tangen said Tuesday that losing the entire $2T value of Norway's sovereign wealth fund is not completely improbable, with the fund's own stress testing putting a fragmented world economy at about a third of it. https://www.reuters.com/business/finance/norway-wealth-fund-ceo-says-funds-entire-value-could-be-lost-future-2026-08-11/