Who is The House?

Rising oil prices continue to fuel inflation fears, pushing global bond yields higher and putting pressure on equities. Even the US Treasury’s announcement to triple the size of today’s 10- to 20-year bond buyback has failed to calm the long end of the yield curve. Scott Bessent says he is “the house now”, but markets are clearly not playing along. And there is a delicious historical irony. Back in 1992, Bessent was on the other side of the table, working with George Soros as markets forced Britain out of the ERM on Black Wednesday. The lesson then? Fighting fundamentals can get very expensive. Meanwhile, the ECB is preparing another 25bp rate hike as Europe faces a renewed energy-driven inflation shock. Higher rates, higher oil prices and higher yields are testing policymakers and investors alike. So, who really is the house now, and what’s at stake? Listen to find out more! Ipek Ozkardeskaya has begun her financial career in 2010 in the structured products desk of the Swiss Banque Cantonale Vaudoise. She worked at HSBC Private Bank in Geneva in relation to high and ultra-high net worth clients. In 2012, she started as FX Strategist at Swissquote Bank. She worked as a Senior Market Analyst in London Capital Group in London and in Shanghai. She returned to Swissquote Bank as Senior Analyst in 2020, and launched her own website ipekScope.com in 2025.