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    Paisaje de colinas rojizas en Zhangye, Gansu, China. Photo by Katie Chen on Unsplash

    China’s alchemy: how it transforms critical minerals into global power

    International economy
    Luís Pinheiro
    Luís Pinheiro de Matos
    Thu, 01/15/2026 - 13:16
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    Business turnover, a structural challenge for Spain’s catering sector

    Spanish economy
    Pedro Álvarez
    Pedro Álvarez Ondina
    Wed, 02/11/2026 - 14:13
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    Billetes de euro dispuestos en forma de abanico sobre un fondo blanco. Photo by John Vid on Unsplash

    Treasury funding needs in 2026: high but manageable thanks to strong demand

    Spanish economy
    Javier Garcia Arenas CaixaBank Research
    Javier García Arenas
    Wed, 02/11/2026 - 12:42
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Hot Topics

Macrofinance

Index
Macrofinance
  • Will the ECB meet its new inflation target?
    Ricard Murillo Gili
  • Savings and consumption in times of pandemic: a historical and international review
    Adrià Morron Salmeron
  • Consumption and pent-up demand: what is the profile of the star consumer in the recovery?
    Javier García Arenas Eduard Llorens i Jimeno Alberto Graziano Màxim Ventura Bolet
  • Which sectors have benefited the most from the pent-up demand?
    Javier García Arenas Eduard Llorens i Jimeno Màxim Ventura Bolet
  • To borrow or not to borrow: a dilemma that depends on what was saved during the pandemic
    Javier García Arenas Eduard Llorens i Jimeno Ariadna Vidal Martínez Màxim Ventura Bolet
  • The central banks’ response to the rebound in inflation(and the ECB’s inaction)
    Ricard Murillo Gili
  • Emerging Markets monetary policy: tough times ahead
    Beatriz Villafranca Serrano
  • The Treasury’s funding needs in 2022: within the right range thanks to the support from the ECB
    Javier García Arenas Ricard Murillo Gili
  • What goes up... must come down? The outlook for equities
    Antonio Montilla
  • Fed and ECB, at different stages of the normalisation process
    Ricard Murillo Gili
  • Wage dynamics in Spain: what does the CaixaBank Research wage growth tracker tell us?
    Josep Mestres Domènech
  • Wage dynamics: another concern for the ECB?
    Màxim Ventura Bolet Ricard Murillo Gili
  • On the reduction of the central banks’ balance sheets
    Antonio Montilla Ricard Murillo Gili
  • Questions and answers about the Euribor
    Ricard Murillo Gili Antonio Montilla
  • Wage dynamics in Spain: are low and high wages growing at the same pace?
    Josep Mestres Domènech
  • The ECB and risk premia in the periphery
    Eduard Llorens i Jimeno Ricard Murillo Gili
  • US inflation: definitions and factors
    Clàudia Canals
  • Stormy waters in the UK, a warning to seafarers
    Antonio Montilla Rita Sánchez Soliva
  • Is there light at the end of the tunnel? The outlook for monetary policy in 2023
    Antonio Montilla Ricard Murillo Gili
  • The big data dependence of the markets and monetary policy
    Ricard Murillo Gili María Suárez Marañón
  • The impact of higher agricultural commodity prices on emerging and low-income countries
    Beatriz Villafranca Serrano
  • The reduction of the ECB’s balance sheet in 2023
  • On the uncertainty of the neutral interest rate
    Antonio Montilla Eduard Llorens i Jimeno
  • The Treasury’s strategy following the ECB’s retreat
    Javier García Arenas
  • Energy: with 2022 behind us, will 2023 be as turbulent?
    Beatriz Villafranca Serrano
  • On the round trip movement of the (king) dollar
    Antonio Montilla
  • The appreciation of the dollar and American and European interest rates
  • Advanced economy housing markets in a scenario of tighter monetary policy (part I)
  • Advanced economy housing markets in a scenario of tighter monetary policy (part II)
  • Real estate sector: this time is different, in Spain
    Oriol Aspachs
  • The Silicon Valley Bank intervention and its implications
    Ricard Murillo Gili
  • Rising food prices in Spain: what lies ahead?
    Javier Ibáñez de Aldecoa Fuster
  • Emerging markets amid US rate hikes and the recent financial turbulence
    Rita Sánchez Soliva Beatriz Villafranca Serrano
  • Flexibility in times of uncertainty
    José Ramón Díez
  • Financial stability considerations amid monetary tightening
    David del Val Antonio Montilla
  • Is monetary policy managing to cool economic activity? A first assessment
  • Monetary policy has done (all?) the homework
    Ricard Murillo Gili
  • European inflation: united in diversity
    CaixaBank Research
  • The rebound in Spanish households’ savings and the buoyancy of gross disposable income: what is going on?
    Javier García Arenas
  • A first assessment of the external vulnerability of emerging market economies
    Rita Sánchez Soliva Beatriz Villafranca Serrano
  • Higher interest rates for longer
    José Ramón Díez
  • Winds of change for monetary policy
    José Ramón Díez
  • Changes in the financial markets’ monetary policy expectations
    CaixaBank Research
  • 2024 Treasury: the increased participation of domestic and non-resident investors will absorb the greater funding needs
    Javier García Arenas
  • Risks in the US commercial real estate sector
    Isabela Lara White
  • Why does Europe need a Capital Markets Union?
    CaixaBank Research
  • Monetary policy in 2025: dialling-back time
    CaixaBank Research
  • 2025 Treasury strategy in a context of reduction of Spain’s public deficit
    Javier García Arenas
  • Debt limits: 2025 edition
    CaixaBank Research
  • Emerging economies: resilience after three global shocks
    Beatriz Villafranca Serrano
  • Risk premiums and macroeconomics: a robust and cross-cutting relationship
    CaixaBank Research
  • Treasury funding needs in 2026: high but manageable thanks to strong demand

    Javier García Arenas
    11 Feb 2026
  • The era of low interest rates
    Oriol Aspachs
  • The limits of monetary policy
    Enric Fernández
  • How financial conditions are withstanding tighter monetary policy: part I
    Adrià Morron Salmeron
  • How financial conditions are withstanding tighter monetary policy: part II
    Adrià Morron Salmeron
  • The impact of financial conditions and vulnerabilities on growth
    Adrià Morron Salmeron
  • The Fed: from forward guidance to data-dependency
    Ricard Murillo Gili
  • The farewell of (Super) Mario Draghi
    Adrià Morron Salmeron
  • The «sense and sensibility» of the ECB’s communication
    Gabriel Ramos Adrià Morron Salmeron
  • The demographic cycle of savings and interest rates
    Adrià Morron Salmeron
  • The central banks, at the helm of a more volatile environment
    Adrià Morron Salmeron Ricard Murillo Gili
  • Low interest rates: for how much longer?
    Oriol Carreras Baquer Adrià Morron Salmeron
  • The consequences of the new environment of financial conditions: entering uncharted territory
    Javier García Arenas
  • Would a digital boost to productivity put an end to low interest rates?
  • The e-monetary policy of the new digital economy
    Adrià Morron Salmeron Ricard Murillo Gili
  • Understanding the ECB: economics, politics and communication
  • What is the new equilibrium interest rate?
  • Monetary policy frameworks for the future
  • A new Fed Chair: a new attitude?
    Adrià Morron Salmeron
  • Mario Draghi and his «parole, parole»
    Adrià Morron Salmeron
  • Why has the Federal Reserve cut interest rates?
    Ricard Murillo Gili
  • What margin for manoeuvre does economic policy have?
    Adrià Morron Salmeron
  • The ECB and the Fed: two mandates, one target
    Adrià Morron Salmeron Ricard Murillo Gili
  • The cost of negative rates: the case of the Riksbank
    Adrià Morron Salmeron
  • The widespread fall in interest rates: a global trend
    Adrià Morron Salmeron
  • The uncertainty surrounding the natural rate of interest
    Adrià Morron Salmeron
  • The financial cycle and the era of low interest rates: a change of narrative?
    Adrià Morron Salmeron Javier García Arenas Gabriel Ramos Pablo Pastor y Camarasa
  • The financial cycle: an essential tool for understanding the economy
    Javier García Arenas
  • Yield curve control: a new tool for the Fed?
    Ricard Murillo Gili
  • The macroeconomic fragility of interest rates
    Adrià Morron Salmeron
  • The Fed’s new strategy
    Ricard Murillo Gili Màxim Ventura Bolet Eduard Llorens i Jimeno
  • European public debt in the medium term: sustainability and challenges
    Javier García Arenas Adrià Morron Salmeron
  • COVID-19 and country risk in the euro area: this time is different!
    Eduard Llorens i Jimeno Àlex Ruiz
  • Will consumption support the US recovery in 2021?
    Clàudia Canals Adrià Morron Salmeron
  • US stock market: rational exuberance?
    Adrià Morron Salmeron Àlex Ruiz
  • Waiting for inflation
    Adrià Morron Salmeron Javier García Arenas
  • The shadow of fiscal dominance
    Adrià Morron Salmeron Javier García Arenas
  • Central bank independence: from the theory to the practice
    Javier García Arenas Adrià Morron Salmeron
  • Central banks and digital currencies: a major challenge not without its difficulties
    Javier García Arenas Adrià Morron Salmeron
  • Income and expenditure between generations in times of pandemic
    Javier García Arenas Josep Mestres Domènech Eduard Llorens i Jimeno Alberto Graziano
  • Risks of overheating in the US and consequences for the euro area
  • The ECB’s holistic approach
    Laura Becerra
  • Spain’s high public debt: outlook and priorities for ensuring a good digestion
    Javier García Arenas Ricard Murillo Gili
  • Will inflation trigger new turbulences in the financial markets?
    Ricard Murillo Gili
  • The rise in commodity prices and its impact on inflation
    Beatriz Villafranca Serrano
Macrofinance

What factors will determine the evolution of interest rates, investment sentiment and macro-financial conditions in general?

Gráfico y periódico. Photo by Markus Spiske on Unsplash
Opinion

The era of low interest rates

Oriol Aspachs
11 Feb 2019
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Monetary policy

The Fed: from forward guidance to data-dependency

Ricard Murillo Gili
8 Feb 2019
im_1812_d2_01_en_fmt.png
Monetary policy

The central banks, at the helm of a more volatile environment

Adrià Morron Salmeron
Ricard Murillo Gili
14 Dec 2018
im_1811_d2_01_en_fmt.png
Savings

The demographic cycle of savings and interest rates

Adrià Morron Salmeron
13 Nov 2018
im_1806_f1_01_en_fmt.png
Financial markets

The impact of financial conditions and vulnerabilities on growth

Adrià Morron Salmeron
28 May 2018
im_1804_f1_01_en_fmt.png
Monetary policy

How financial conditions are withstanding tighter monetary policy: part II

Adrià Morron Salmeron
11 Apr 2018
im_1803_f1_01_en_fmt.png
Monetary policy

How financial conditions are withstanding tighter monetary policy: part I

Adrià Morron Salmeron
12 Mar 2018
im_1801_f1_01_en_fmt.png
Monetary policy

Mario Draghi and his «parole, parole»

Adrià Morron Salmeron
10 Jan 2018
im_1712_f1_01_en_fmt.png
Monetary policy

A new Fed Chair: a new attitude?

Adrià Morron Salmeron
12 Dec 2017
im_1710_f1_01_en_fmt.png
Monetary policy

Monetary policy frameworks for the future

17 Oct 2017
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Monetary policy

What is the new equilibrium interest rate?

15 Sep 2017
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Monetary policy

Understanding the ECB: economics, politics and communication

17 Jan 2017
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