Global M&A activity reached about $1.3 trillion in the first quarter, up nearly 20% year over year and driven by megadeals including Unilever's $44.8 billion food unit sale. Despite a recent slowdown linked to the Iran war and market volatility, dealmakers say strong financing conditions and long-term strategic priorities continue to support activity.

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US bond traders are shifting their focus from inflation to potential economic growth risks due to rising oil prices driven by the Iran war. Investors are now pricing in possible interest rate cuts by the end of 2026, reflecting concerns about global growth. This shift has led to increased long positions in Treasury notes and a rally in government debt, supported by Federal Reserve Chair Jerome Powell's indication that the central bank may overlook rising oil prices.

Since the removal of a US-imposed asset cap last year, Wells Fargo has injected over $200 billion into the overnight repurchase agreement market, significantly enhancing liquidity and stability. This move comes as regulators warn of potential strains in the repo market. Wells Fargo's primary dealer assets surged 68% last year, outpacing major competitors and making the bank one of the top three counterparties to US money-market funds.

Rising US war spending and fiscal risks are emerging as a new threat to Treasury markets, adding to inflation-driven bond selloffs as yields climb and rate-cut expectations fade. Analysts warn an extended conflict could push the deficit toward 8% of GDP, raising concerns about long-term debt sustainability and investor demand.

The Securities and Exchange Commission has issued an order allowing broker-dealers to use equities from the Russell 1000 and S&P 500 as collateral when borrowing securities from institutional investors. The move aims to enhance liquidity and risk management in securities lending and is expected to benefit institutional investors by providing a more efficient mechanism for collateralization.

Public Company Accounting Oversight Board Chair Jim Logothetis has announced plans to rewrite rules for accounting firms' quality control systems, which were finalized near the end of Joe Biden's presidency and criticized by the industry as unnecessary and costly. Logothetis, a former EY auditor, said, "Certain requirements included in QC 1000 may be unnecessary for the standard to meet the regulatory objectives of the PCAOB, and may not contribute to audit quality."

The Office of the Comptroller of the Currency finalized a rule eliminating recovery planning requirements for banks with more than $100 billion in assets, arguing the plans were overly scenario-based and of limited value during stress. The change does not affect resolution planning requirements and reflects the agency's broader effort to streamline its supervisory framework, a move consumer advocates warn could weaken safeguards.