According to Al Jazeera, the Iraqi Oil Ministry stated that oil exports via the Kirkuk-Ceyhan pipeline will resume within days, with an export volume of 500,000 barrels per day.

[Fed Chairman-designate slams biggest policy failure in 45 years, Warsh vows to dismantle bloated balance sheet to gain room for interest rate cuts] ⑴ Kevin Warsh, selected to succeed Powell as Federal Reserve Chairman, has systematically outlined his grand vision for reshaping the central bank in his past public statements. His core proposals include implementing institutional reforms, lowering policy interest rates, reshaping the inflation perception framework, significantly shrinking the balance sheet, defending the Fed's independence, narrowing the boundaries of its authority, strengthening cooperation with the Treasury Department, and reducing the noise generated by the 19 policymakers. ⑵ In a July 2025 interview, Warsh stated bluntly that the framework of monetary policy has been dysfunctional for quite some time. The current Fed is vastly different from the one he joined in 2006. It does not need to continue the policy continuity that led to the most serious macroeconomic policy failure in 45 years, tearing society apart and triggering inflation. What the Fed needs is fundamental institutional reform. (3) Regarding the interest rate path, Warsh explicitly stated that interest rates should be lower, and in a November 2025 article, he pointed out that the Fed's balance sheet, which had expanded in response to past crises, could be significantly compressed, freeing up policy space that could be reallocated to support households and small and medium-sized enterprises at lower interest rates. (4) On diagnosing the causes of inflation, Warsh criticized the central bank for misjudging that the price stability target would be achieved automatically, relying too heavily on unrealistic and complex models, and ignoring the upward pressure from monetary factors and surging fiscal spending. He also judged that artificial intelligence would drive down structural prices. (5) Regarding the size of the balance sheet, Warsh proposed that a smaller balance sheet would be more compatible with lower interest rates, and that the current size is trillions of dollars higher than actually needed. (6) Regarding the boundaries of authority, Warsh warned that the more the Fed speaks out in non-core areas, the more it will jeopardize its fundamental mission of achieving price stability and full employment, and make it more vulnerable to political backlash. (7) Regarding relations with the Treasury, Warsh advocated for a new agreement in which the Federal Reserve Chairman and the Treasury Secretary jointly and clearly articulate the target size of the balance sheet and the schedule for Treasury bond issuance to the market, thereby eliminating market uncertainty. (8) Warsh also repeatedly criticized the current chaotic communication mechanism of the Federal Reserve, arguing that so-called forward guidance, under the guise of clarity, is actually vague, and that policymakers' rhetoric of swaying based on a single data point is both widespread and counterproductive.

[High Yields Create a Magnetic Field for the Dollar, Global Profit-Seeking Capital Flows to the Long-Term Harbor of US Treasuries] ⑴ A report by BNP Paribas strategists points out that, driven by persistently high yields on dollar-denominated credit assets, market demand for these assets is expected to continue expanding. ⑵ The report emphasizes that current yield levels remain anchored to the peak range recorded since August 2025, and this attractive coupon return will effectively attract absolute return-oriented funds such as life insurance institutions and Asian investors. ⑶ The strategists specifically mention that, given the continued comparative advantage of pricing at the far end of the yield curve, long-term bonds will become a key allocation direction for these profit-seeking funds. ⑷ The institution expects that, based on the dual logic of interest rate differentials and the safe-haven attributes of dollar assets, the net inflow of investor funds into the US credit market will continue in the foreseeable future. ⑸ From a cross-asset allocation perspective, the yield premium of dollar-denominated corporate bonds relative to sovereign and corporate bonds of other major economies is continuously reshaping the global fixed-income capital landscape.