<p><strong>GLOBAL:</strong> The US Treasury Department announced that it will double the size of its buyback operations for longer-term government bonds, with at least USD 4 billion per operation.</p>

<p><strong>Market impact: </strong>US stocks ended a three-day losing streak as Treasury measures eased rate pressures, driving bond yields and the dollar lower.</p>

<p><strong>The increased buyback limit will only remain in effect from September 9 to November 4. </strong>The Treasury will then evaluate the market and provide an updated schedule.</p>

<p><strong>LOCAL: </strong>The USD/PHP closed at 61.815 on August 19, after briefly reaching a record intraday low of 61.995 amid heightened Middle East tensions that fueled inflation and rate concerns.&nbsp;</p>

<p><strong>Market impact: </strong>The PSEi fell to the 6,100 level as the peso weakened amid concerns over escalating Middle East tensions.&nbsp;</p>

<p><strong>Metrobank expects the peso to remain under pressure from seasonal import demand, </strong>though potential BSP rate hikes and stronger year-end OFW remittances and BPO revenues should provide support.&nbsp;</p>