News in Systemic Risk: Tuesday, August 12, 2025 (9:45 a.m. ET)

Who are the “bond vigilantes” on sovereign debt markets? (Pablo Anaya Longaric, Katharina Cera, Georgios Georgiadis and Christoph Kaufmann, ECB)

Macroeconomic impact of tariffs and policy uncertainty (Emanuel Kohlscheen, Phurichai Rungcharoenkitkul, Dora Xia and Fabrizio Zampolli, BIS)

Treasury Yields Fall After Inflation Dodges Upside Surprise (WSJ; WSJ)

Dollar Falls as Inflation Data Could Increase Fed Rate-Cut Prospects (WSJ; WSJ)

Reserve Bank of Australia Cuts Rates and Points to Further Easing (WSJ; WSJ)