Last week in macro 👀 What moved in rates and stablecoin regulation last week. 1️⃣ The Fed isn't done tightening. Minutes from the September meeting, released last week, show most participants still expect another rate hike before year-end, if the data allows. 2️⃣ Inflation risks still lean up. Energy prices, geopolitical disruption and heavy AI investment are all keeping pressure on prices. 3️⃣ Short-term yields ticked up. The three-month Treasury went from 4.23% to 4.26% between Thursday and Tuesday. The ten-year barely moved, from 5.22% to 5.21%. 4️⃣ The stablecoin market is a dollar market. The FSB puts it at about $300 billion as of mid-2026, and 99% of it is pegged to the dollar. 5️⃣ Regulators are watching redemptions. In the FSB's view, large withdrawals could spread stress through reserve sales, bank funding and cross-border links. 6️⃣ ESMA is closing the door on non-MiCA stablecoins. Authorised EU providers should stop offering access to them, clear legacy exposure within three months, and keep only limited wind-down services. An intense week on both sides of the Atlantic.