Hello there. I’ll start today with the interview Mitsotakis gave yesterday to travel.gr, speaking to Antonis Sroiter, because I genuinely think he made quite a lot of news. Most importantly, he made it clear that he will not govern with any party to his right. And, of course, as you can imagine, he was not saying this specifically about Samaras, whether he forms a party and whether that party enters Parliament. He was mainly referring to Velopoulos, whom some consider a certain potential coalition partner, and perhaps Latinopoulou, provided her party also makes it into Parliament. I have also told you several times that Mitsotakis intends to put considerable pressure on PASOK. Well, yesterday he could hardly have been clearer, saying that PASOK is the only party with which he could form a coalition government, although he also described coalition arrangements internationally as having become bogged down. Another remark that caught my attention was his statement that, once his time as prime minister is over, he will resign as an MP and continue working outside politics. That was probably aimed directly at Samaras. Mitsotakis also made clear several times that he has no intention of criminalising any political matter, referring to the criminal codes passed by Tsipras in 2019. I think Mitsotakis is also sending a message to Tsipras himself to stop making excessive accusations about corruption.

The rolling poll at Maximos Mansion

Now, in other news, officials at Maximos Mansion are studying the figures from a new rolling opinion poll, which mainly incorporates developments during October. I am told that New Democracy has edged up slightly to 30.5%, followed by Tsipras’ E.L.A.S. on 15% and PASOK on 11.7%. The common conclusion drawn from the survey is that both opposition parties are beginning to hit their ceilings and lack the momentum for any dramatically different performance. In the same poll, a potential Samaras party is hovering around 4%, while a Kasidiaris party is measured at approximately 3.7%, combining respondents who name the “Alliance of Greeks” with those who specifically mention Kasidiaris himself. As for the qualitative findings, I am told that Mitsotakis’ personal ratings have improved, apparently helped by his appearance at the United Nations, where he held up the map of the Turkish-Libyan maritime agreement.

Dendias’ letter to Travlos

Yesterday I wrote about Defence Minister Nikos Dendias requesting contributions of €250 million from Greek shipowners to support the Armed Forces. Today, I can share the contents of the letter he sent a few days ago to Melina Travlos, president of the Union of Greek Shipowners, setting out that request. Dendias also sent the same letter to Mitsotakis, with whom he discussed the matter. Here, then, is the letter: “Recognising your longstanding cooperation with the Armed Forces, I am addressing this letter to you, following the relevant briefing of Prime Minister Kyriakos Mitsotakis, to whom I am sending a copy, in the hope of securing your support through a donation of €250 million, which will remain under your own management and will be allocated to the creation of a state-of-the-art fleet of Unmanned and Autonomous Maritime Systems, with the aim of strengthening the Hellenic Navy in areas including surveillance, reconnaissance, port protection, mine countermeasures and mine clearance,” Dendias writes, specifying the objectives of the additional funding. “This initiative has been designed and is being implemented to ensure that our country’s Armed Forces are capable of fulfilling their enduring mission with complete effectiveness and modern equipment. This new Navy will be able to protect effectively not only our country’s sovereignty and sovereign rights in the Aegean and Eastern Mediterranean, but also freedom of navigation and trade, as our forces already do through their participation in the European ASPIDES mission.” Through the letter, Dendias also makes clear that management of the funds will remain with those financing the project and that the objective is specifically defined as the creation of a “fleet of Unmanned and Autonomous Maritime Systems”.

First in line for favours, nowhere to be seen when proposals are needed

Political gossip columns often deal with the trials and tribulations of MPs, particularly those belonging to the governing party. The anxiety over re-election, the doors that ministers close in their faces and the arrogance that sometimes accompanies power are all real enough. In this particular case, however, Deputy Prime Minister Kostis Hatzidakis asked New Democracy MPs on 10 October to submit their proposals for the party’s programme ahead of the elections, with meetings on the subject already under way at the Deputy Prime Minister’s office. Meanwhile, Stavros Vourloumis, an associate of Hatzidakis, is expected to take over New Democracy’s programme secretariat in the forthcoming party reshuffle. So how many MPs have responded to Hatzidakis’ invitation over the past month? Ten. Just 10, to spell it out. First in line when it comes to securing favours, first to complain, but when it is time to do some work and come up with proposals, what a sorry state of affairs…

And a few uncomfortable truths…

At yesterday’s travel.gr conference, numerous officials and businesspeople had plenty of positive things to say, including about Athens’ revival as a tourist destination. But a few uncomfortable truths were also heard, and they came from two well-known foreign journalists and travel editors who work for international media including The Times, the Financial Times, Condé Nast Traveller and CNN Travel. Rachel Howard said: “In August, I go to Scandinavia for my holidays. I don’t stay in Greece, even though I live here. Because it is far too crowded, far too hot and very expensive. I can’t find a room. I can’t get on a ferry. Frankly, I have a better holiday in Stockholm than in the Cyclades in August. I’m sorry to say it, because I love Greece.” There are areas that have reached complete saturation, with genuine problems of overtourism. “What worries me is that, rather than recognising that we have already placed excessive pressure on destinations such as Santorini and Mykonos, we may try to reproduce exactly the same model somewhere else. I think it would be entirely misguided to replicate a model that has demonstrably failed, such as building new, enormous facilities to accommodate cruise ships on other islands when some destinations are already receiving far too many cruise passengers.” Nicole Chilton also said: “I don’t believe Greece should be an ultra-luxury destination, or a place where you lie on a sunlounger and someone simply feeds you from a buffet. I think it should be a destination centred on culture. I don’t think we should boast about the number of people coming to Greece. I think we should be thinking much more in terms of quality, preservation and protecting what makes Greek identity Greek.”

Odysseas Athanasiou’s new venture (Travel 3)

At yesterday’s travel.gr conference, outgoing Lamda Development CEO Odysseas Athanasiou spoke about his next professional plans, revealing that he intends to establish his own business venture in partnership with entrepreneurs and involving new technologies. Best of luck with that.

Eurobank versus Agricultural Bank: The legal battle decided by a six-month delay

Eurobank lost its legal battle in Strasbourg over the Agricultural Bank of Greece’s preferential rights, in a historic case that demonstrated the practical wisdom of Hippocrates’ saying that prevention is better than cure. Eurobank had appealed to the European Court of Human Rights, arguing that the Agricultural Bank’s special privilege under a 1929 law violated property protection and equal treatment of creditors. The privilege allowed the Agricultural Bank to register a mortgage unilaterally and without expense, simply by producing the loan agreement, without the debtor’s notarised declaration required by other banks. The dispute arose from the auction of a debtor’s properties, from which Eurobank sought to recover €88,914 but ultimately received nothing. The Agricultural Bank had registered its mortgage on 11 September 2002, while Eurobank registered a mortgage prenotation on 19 March 2003. The Court of Appeal initially ruled in Eurobank’s favour, but the Supreme Court overturned that decision, recognising the continued validity of the Agricultural Bank’s privilege. The Strasbourg court did not rule on the constitutionality or proportionality of that historic privilege. Instead, it found that Eurobank had failed to demonstrate that the privilege prevented it from registering its own security earlier. Consequently, the decisive factor was the chronological priority of the mortgage under Article 1300 of the Greek Civil Code, and nothing else. The case is also interesting in terms of the evolution of agricultural lending. From traditional Agricultural Bank loans secured against homes and farmland, the sector gradually moved towards business financing backed by agricultural subsidies and personal guarantees.

Bank of Chania: From 9% to “no restrictions”

Last year, the Cooperative Bank of Chania agreed to sell a 9% stake to Czech investment firm Wenger Capital. The deal was never completed. By September, the target had risen to as much as 49%. Yesterday, the wording changed again: “There are no restrictions regarding the final percentage.” Control of the bank is now effectively negotiable. And as the potential stake increased, so did the financial requirements. In June, the bank’s capital needs were estimated at around €40 million. Now, the capital increase is expected to reach €70 million. In its 2025 balance sheet, equity stands at €63.8 million. Non-performing loans amount to approximately €250 million, against provisions of €110 million. The uncovered balance is more than twice the bank’s net worth. Management has announced a target of reducing the non-performing exposure ratio to 5% by the end of 2027. Profit in 2025 amounted to €3.6 million. To reduce the size of the capital increase, the bank is selling off valuable assets. Its 28.5% stake in Samaria Water, acquired for €3.5 million, is now valued at approximately €17 million. Next comes a €65 million portfolio of non-performing loans, while its property subsidiary, holding 74 properties worth €38.1 million, is being prepared for a stock market listing. More than 10 investment groups have already entered the data room, with PwC acting as adviser. Market sources suggest that they include the fund associated with Anthimos Thomopoulos and Fortress. Non-binding offers are expected by the end of November, while the Bank of Greece is closely monitoring the process.

METKA: A stock market dress rehearsal with ministers, construction executives and bankers

Yesterday’s METKA event was considerably more than a presentation of the company’s new business plan. It resembled a full dress rehearsal ahead of its stock market listing, not only because of the strategy unveiled by management but also because of the influential figures in attendance, including ministers, leading construction executives, diplomats and senior market representatives. The government was represented by Defence Minister Nikos Dendias and Development Minister Takis Theodorikakos, while the presence of 16 ambassadors attracted particular attention, reflecting the international footprint of a group active in 40 countries. Among the business figures attending were AVAX chairman Christos Ioannou, the company’s CEO Kostas Mitzalis, EOS Capital chairman and GEK TERNA vice-chairman Apostolos Tamvakakis, Dimand’s Dimitris Andriopoulos, Ellaktor’s Konstantinos Toumpouros, Th. Tzouros and Th. Vlachopoulos of Piraeus Bank, alongside numerous other representatives of banking, business and local government. The man who stole the show, however, was Evangelos Mytilineos, who briefly set aside the business figures and turned the clock back almost three decades, revealing the story behind the acquisition of METKA and the circumstances that led to the deal. It all began with a chance encounter at Petros Kostopoulos’ Cosmos Club in Psychiko. There, as he recalled, a journalist friend introduced him to Spyros Bellos, a guru of acquisitions and the stock market, who urged him to look beyond metals trading and enter industry, directing his attention towards METKA. Mytilineos began studying the company and discovered a business with a history dating back to the 1960s, listed on the Athens Stock Exchange since 1972, which had maintained sound financial fundamentals despite its declining share price. That was how the gradual acquisition of shares began, at a time when the stock market operated under very different rules. During the summer of 1997, while Mytilineos was on Paxos, Bellos would call him with updates on the opportunities created by the falling share price, which had dropped to around 1,000 drachmas. Purchases continued amid limit-down trading sessions, and by autumn they had accumulated approximately 25% of the company. What followed had all the ingredients of a corporate showdown. Bellos arranged a meeting with METKA’s principal shareholder at the time, introducing Mytilineos as the new major shareholder. He presented two options: either the existing shareholder would sell his stake to Mytilineos, or Mytilineos would sell his own shares, potentially sending the price into another collapse. Eventually, the agreement was concluded with the sale of the shareholder’s stake at 12,000 drachmas per share, twelve times the price at which the initial purchases had begun. Interestingly, the opinion of the well-known, famously taciturn stockbroker mentioned by Mytilineos, as he has expressed it to major foreign investment clients, is that the story of the new METKA will be even more exciting than the previous one. That suggests Spyros Bellos remains very much involved in the new endeavour.

The business of the next day

For his part, METKA chairman Vangelis Chrysafis did not conceal his satisfaction with the company’s progress as he presented its vision, also delivering a message to those who had doubted its capabilities. As he put it, those who bet that METKA would fail have lost their wager. He recalled the delivery of the Aktio-Amvrakia motorway, when Prime Minister Kyriakos Mitsotakis noted that the project had been completed ahead of the contractual deadline and within budget. For Chrysafis, this was perhaps the best possible advertisement for a company that managed, in a relatively short period, to win the market’s confidence and is now seeking to establish its own independent course, while continuing to enjoy the support of parent company Metlen. The next challenge, however, is even bigger. With an outstanding project backlog of €2.1 billion, METKA aims to evolve from a traditional construction company into an integrated infrastructure group, expanding into public-private partnerships, concessions, facilities management, water projects and real estate. And as CEO Dinos Benroubi made clear, METKA is not pursuing projects merely to inflate its order backlog. The objective is not simply to increase turnover, but to achieve profitability and, above all, convert earnings into genuine cash flows.

Intrum launches voluntary redundancy scheme with €170,000 cap

According to information received, following a lengthy period of individual departures by mutual agreement, believed to have resulted in several dozen employees leaving, Intrum yesterday launched a voluntary redundancy programme for its workforce. The scheme is optional and open to all employees, excluding those in executive director or senior management team positions, provided they have at least 14 years of service and are employed on permanent contracts. Applications may be submitted until 24 November 2026, with compensation equivalent to 24 monthly salaries for employees under 50 and 28 monthly salaries for those over 50. An additional two gross monthly salaries will be awarded to employees who apply during the programme’s first week, by 16 November 2026, while total compensation is capped at €170,000. Employees who take part will also retain healthcare coverage for six or 12 months, depending on their age.

MSCI review due today

And lest we forget, MSCI will announce the results of its index review this evening, with the changes taking effect after the close of trading on 30 November. In addition to Greece’s four systemic banks, the MSCI Greece index includes OTE, PPC, GEK TERNA, Jumbo, Allwyn and Motor Oil. Market expectations are for no significant changes, with the more consequential review expected in May 2027, when the Greek market is due to be classified as developed.

Why Goldman Sachs ranks PPC among Europe’s five leading beneficiaries

Late on Monday evening, Goldman Sachs held a conference call with the Secretary-General of the European Data Centre Association (EUDCA). On Tuesday morning, Alberto Gandolfi’s team sent clients a two-page report containing three conclusions. First, the US midterm elections change nothing. The European market is entering a “supercycle”, with annual growth of 15% to 17% until 2032-35, twice the usual 8% growth rate associated with technology. A supercycle is a prolonged period, typically lasting a decade, during which demand in a sector consistently grows far faster than its normal rate. Second, Europe currently operates data centres with capacity of 13-15 GW. By the beginning of the next decade, this is expected to reach approximately 35 GW. Investment over the next six years is now estimated at €170 billion, compared with €70 billion last year. These are projects already under construction or committed. The EU’s target of 45 GW by 2035 is considered rather optimistic. Third, there are obstacles. Permitting procedures are slow in several countries, but the biggest problem is electricity: generation, networks and, above all, access to grid connections. Anyone who already has a connection possesses something others may have to wait years to obtain. This is where the Greek interest comes in. Goldman names five electricity producers positioned to benefit because they own land, grid connection points and have the capacity to enter into power supply agreements: Solaria, Drax, RWE, Fortum and PPC, for which Goldman Sachs has a “buy” recommendation. PPC is the only company on the list from southeastern Europe. Kozani is not specifically mentioned, but the description fits: former lignite power station sites, high-voltage connections and owned generation capacity. There is even a price tag. European energy companies control approximately 25 GW of grid connection capacity, valued at around €20 billion based on recent transactions. That works out at roughly €800,000 per megawatt, before construction has even begun. During the gold rush, those selling shovels made money. During the artificial intelligence rush, it is those who own a plot of land with a power socket.

Has Bally’s Intralot really tripled its operating profit?

Bally’s Intralot’s operating profit, measured by EBITDA, tripled in the first nine months of the year, rising to €273.6 million from €90.1 million. Despite yesterday’s increase, the share price remains 4.79% below its level three months ago. The explanation may lie in the details of the results announcement. First of all, the tripling is accounting-driven. It stems from the consolidation of BII from 8 October 2025. The “old” Intralot saw operating profitability fall by 13.4% to €78.1 million, with US revenue down 11%. Then there is the British tax authority. The 40% tax on online gaming costs approximately €34 million per quarter, compared with total group EBITDA of €88.9 million in the third quarter. On an annual basis, the bill approaches €136 million. Coincidentally, €136 million is also the increase in net debt since December, bringing it to €1.63 billion. Liquidity of €472 million looks impressive, but it was built up through a new three-year £261.8 million loan in July. Leverage stands at 4.33 times. And then there is evoke. It is being acquired through a share exchange for £243 million, but brings with it £1.9 billion in net debt and leverage of 5.6 times, based on figures as of 30 June. In other words, the target has more debt than the buyer. Evoke operates overwhelmingly in the same market subject to the 40% tax. Completion of the acquisition is expected by the first quarter of 2027, with regulatory approvals and proceedings before the Gibraltar court still pending. Investors who hold and trust Bally’s Intralot shares are not focusing on the nine-month results just announced. They are valuing the company that will exist from next April.

Vodafone’s star pupil speaks Greek

Yesterday’s upgraded outlook came from London. Operating profit is now projected at €13.2-13.4 billion and free cash flow at €2.8-3 billion for the financial year ending in March. But a closer look at Vodafone’s financial statements reveals a six-month loss of €3.6 billion and an impairment charge of almost €5 billion in Germany. The workforce in Europe shrank by 3,000 positions over six months, with another 2,300 jobs to go in Germany over the next two years. Germany, Vodafone’s largest market, recorded organic service revenue growth of 0.4%. Britain achieved 0.9%. The surprise came from Greece, where revenue rose from €247 million to €286 million in the quarter, an increase of 15.8%. That growth rate even exceeded Africa’s 13.4%. There were two drivers behind this impressive performance. The first was the delivery of public-sector projects financed through the Recovery and Resilience Facility. The second was our mobile phone bills. Average monthly revenue per customer increased to €11.8 from €11.5 in the previous quarter. The fixed-line customer base remained stable. But Recovery Fund financing is coming to an end this year, and there is a ceiling to how much mobile bills can rise because of competition. Vodafone Greece’s next source of growth is fibre optics. With 650,000 lines earmarked for a 50-50 joint venture with PPC, the agreement is expected to be signed by the end of the year. The German impairment charge is equivalent to more than four years of Greek revenue. Vodafone Greece is the group’s star pupil, but it cannot rescue the entire balance sheet. It simply stands out.

Romania brings buyers back to HELLENiQ ENERGY

HELLENiQ ENERGY is making a strong comeback, with its shares rising more than 4% yesterday and approaching €17, having reached €17.20 during the trading session. The recovery is particularly significant after the heavy selling pressure of recent weeks, which had pushed the stock away from its recent highs. The catalyst behind renewed buying interest is the group’s strategic expansion into Romania, where it plans investments of up to €1.3 billion by 2030. The objective is to develop a renewable energy portfolio with 1 GW of capacity and 500 MW of energy storage, establishing Romania as the group’s second major growth pillar after Greece. Despite the rebound, the share price remains approximately 14% below its all-time high of €19.64, following substantial earlier sell-offs. Investor attention is now turning to the third-quarter results, due to be announced on Thursday, 12 November, after the close of trading on the Athens Stock Exchange. The trajectory of profitability and the prospects for new energy investments will be crucial factors in determining whether the recovery can be sustained.

EYDAP makes another attempt to break through €14

EYDAP is once again approaching the €14 mark, having gained 2.8% over the past two trading sessions. The stock closed yesterday at €13.82, after reaching an intraday high of €13.88, confirming that this level remains its next major target. The €14 threshold is an important reference point, as the share price has approached it repeatedly without managing to close above it. In fact, EYDAP touched the level during trading on three occasions in 2026, on 22 and 26 October and 2 November. The significance of a potential breakthrough is primarily historical. The last time EYDAP closed above €14 was on 9 March 2000, when it finished at €14.72, a level that remains its record closing price. Its performance this year has already been remarkable, with gains of more than 75% since January and market capitalisation approaching €1.5 billion. The question now is whether renewed buying interest will provide sufficient momentum to push the stock above €14 on a closing basis, potentially opening the way towards its historic record after 26 years.

The two Greeks at the forefront of nuclear energy in Europe and the US

Although the discussion about nuclear energy in Greece is still in its infancy, Greek scientists already hold positions in institutions shaping the energy future. Two notable examples are Dionysis Chionis and Miltos Alamaniotis, who have established significant careers in Switzerland and the United States. Athens-born Chionis is Head of Nuclear Fuel Physics at Switzerland’s Axpo Power AG, responsible for providing scientific support to three nuclear power stations. The American Nuclear Society included him in its “40 Under 40” list for 2026, recognising his contribution to the sector. According to Chionis himself, he is the first Greek to receive this distinction. Interestingly, in 2024 he co-founded Athlos Energy, seeking to pave the way for nuclear energy in Greece. On the other side of the Atlantic, Miltos Alamaniotis, a professor at the University of Texas at San Antonio, sits on the Bexar County Nuclear Energy Advisory Board, at a time when the US military is examining the installation of advanced nuclear microreactors at military bases by 2030. What is particularly interesting is that, while Greece continues debating whether and how it could make use of nuclear technology, Greek scientists are already participating in its development and assessment abroad. Greece’s scientific talent has entered the nuclear age. The question is when a meaningful debate about it will begin in Greece itself.

Melina Travlos and the moustache

Melina Travlos is preparing a special welcome in Piraeus for the newly built NIKOS TRAVLOS, which she took delivery of in China last month. The vessel bears the name of her father and founder of the group. It is the second ship under the expanded Genesis Project investment programme and is equipped with dual-fuel engines capable of using LNG. Beyond the investment and technical specifications, however, one detail steals the show: the moustache on the bow! Alongside the distinctive “eyes” painted on Neptune vessels, the moustache of Nikos Travlos has been added as a personal tribute to the company’s founder. “Today, the eyes have acquired a moustache too. Your moustache, Dad,” an emotional Melina Travlos said during the vessel’s delivery in China. Its arrival in Piraeus carries particular symbolism as part of Neptune’s 50th anniversary celebrations.

Efthymiadis buys for $32 million, sells for $50 million and builds five new ships

Panos Efthymiadis of Leon Shipping & Trading has made a particularly shrewd move in the tanker market. At the beginning of 2026, he acquired two MR tankers built in 2008 for a combined $32 million. Just a few months later, he sold them for $50 million, recording a gross profit of $18 million before expenses and other charges. And he did not stop there. The company has now ordered five newbuild vessels from Chinese shipyards: two MR tankers, two LR1 tankers and one Kamsarmax bulk carrier, with deliveries scheduled from 2029 to early 2030. The investment programme could approach $266 million. What makes the move particularly interesting is that Efthymiadis, who spent 22 years with the family-owned Lotus Shipping before founding Leon in 2010, is now expanding into bulk carriers through the Kamsarmax order. He is selling older tonnage at high prices, renewing his fleet and entering a new market.

The ANT worth $1.405 trillion

Anthropic, the company behind Claude, filed an amended prospectus yesterday, setting a price range of $70 to $78 per share. The listing will take place on Nasdaq under the ticker symbol “ANT”, meaning ant. A total of 825 million shares will be offered. Approximately 801 million will be newly issued, while 23.6 million will come from existing shareholders. Underwriters will also have the option to purchase an additional 123.75 million shares. At the ends of the proposed price range, the public offering would be worth $57.75 billion to $64.35 billion. In parallel, seven companies are purchasing non-voting shares worth $26 billion at the IPO price. They are Google, Nvidia, AMD, Broadcom, Micron, Microsoft and TSMC. Net proceeds for Anthropic are estimated at approximately $84.6 billion at the midpoint of the range. At the upper end, the valuation reaches $1.405 trillion. Earlier this month, discussions had centred on a valuation of $1.5 trillion to $2 trillion, but circumstances have since changed. The underwriting syndicate includes no fewer than 22 investment banks, led by Goldman Sachs, Morgan Stanley, J.P. Morgan and Citigroup. Trading is expected to begin during the week of 16 November. Revenue for the first nine months reached $33.24 billion, an increase of approximately 1,200%. Third-quarter revenue was $16.96 billion, up 47% from the second quarter. The third quarter ended with an operating loss of $567 million, compared with a profit of $974 million in the second. The number of customers paying more than $100,000 annually exceeded 11,900, up from 950 twelve months earlier. As of 30 September, the company held $95.6 billion in cash and $36.3 billion in short-term investments. Against those assets stand commitments of approximately $900 billion, mainly for computing capacity, including roughly $70 billion falling due over the next twelve months. A single share held by the founders will henceforth represent 50.1% of the voting rights.

Waller’s threshold lasted only a few hours

Yesterday morning in London, Federal Reserve Governor Christopher Waller raised expectations with a public statement. He said he would vote for a 25-basis-point interest rate increase in December, regardless of what the inflation data showed. But if core inflation rose by 0.3% or more, he said, “a 50-basis-point increase should be considered”. Just a few hours later, the figure arrived: 0.3%, for the third consecutive month, against forecasts of 0.2%. Headline inflation rose by 0.4% in October, compared with the 0.3% expected by economists. The three-month trend in core inflation corresponds to an annualised rate of approximately 3.7%, while central banks’ inflation target theoretically remains at 2%. One small detail, largely lost amid the election noise, is particularly interesting. There is no annual inflation rate for October. The statistical agency did not collect prices in October 2025 because of the federal government shutdown. In other words, the Fed will have to make its decision with only half a thermometer. The markets, however, did not wait. The yield on the two-year Treasury bond rose by 14 basis points to 4.69%, while the Fed’s policy rate stands at 3.75% to 4%. The gap indicates that investors are pricing in more than one increase. The ten-year yield reached 4.93%, while Bitcoin fell to around $73,600. In October, the Fed left interest rates unchanged, although two members had already voted in favour of an increase. The next decision is scheduled for 9 December. November inflation figures will be released one day earlier, on 8 December. When a central banker sets the threshold in the morning and the figures reach it by midday, the decision has effectively been made. Only the size of the increase remains to be determined.