Money in all money-market funds climbed by $304 bln last month because of banking concerns and the higher yields of money funds. The amount might increase by another $1.5 tln over the next year, according to Barclays Plc. Whether fresh cash mostly finds its way into government instruments, will depend on the supply of attractive alternatives.

American workers are keeping large chunks of their retirement savings in cash to protect themselves from another slump in the stock market. It was surprising to see how fearful millennials were in terms of being invested in the market. Sticking with cash will make it harder for millennials to accumulate the $1.3 million needed to retire comfortably.

The government's "Powering up Britain" plan underestimates the task of decarbonisation of electricity by 2035, and removal of all "dirty fuels" by 2050, which represent 76% of total UK energy consumption. There was no attempt to model and cost the needed changes. What is needed is a 400% increase in electricity production and a recabling of the country.

The tightening of EU criteria for green investment has led asset managers to remove the label from €175bn of funds, reducing the size of the market by 40%. The EU commission might now scrap the Article 9 category altogether. Hardly any investment fund meets the 100% sustainability criteria. The EU also still lacks official guidance on using ESG labels.

Paul McCulley: “We always refer to Treasuries as the world’s safest asset. That’s from the standpoint of credit quality. That’s not from the standpoint of asset price stability. There’s a huge difference.” Treasuries posted their worst losses since at least the early 1970s. Another issue is liquidity. In the past month, it has been “significantly compromised.”

The Global Wind Energy Council said “spare capacity” in wind energy manufacturing was “likely to disappear by 2026”. It will hit the US and Europe particularly hard, as much of the supply chain is concentrated in China. Singaporean shipping group Marco Polo is warning of a “big vacuum” of the large vessels required to install offshore wind turbines.

US wind developers installed 6.7 GW of onshore capacity last year, a 56% drop from the prior year. The drop was the result of the eliminated production tax credit. The Inflation Reduction Act signed in August restored the value of the tax credit. The offshore sector, meanwhile, has struggled to move forward amid inflation and mounting political push-back.

Countries like France and Poland support nuclear, while Germany and Austria oppose it. Ursula von der Leyen said that only “cutting edge” nuclear technology such as small modular reactors might get access to simplified rules and incentives in the EU’s net zero Industry Act and that it would not be eligible for all the benefits of the legislation.

Energy regulator Ofgem plans to tackle the practice that involves generators warning the electricity system operator that they are turning their power plants off at times of peak demand and then offering to keep them running in exchange for a “balancing” payment. This created £525m of extra revenue in 2018-2022, over 90% of it in the last two years.

The Financial Conduct Authority said on Monday that the overall quality of ESG-related disclosures made by index providers was “poor” and repeated its determination to ensure that ESG ratings providers should be formally regulated. In a strongly worded letter to chief executives of index providers, FCA warned that they are fuelling greenwashing.

Sweden’s largest pension fund, Alecta that manages pensions for 2.6 million Swedes, is facing losses of almost $2 billion. Alecta was the 4th largest shareholder of Silicon Valley Bank, the 6th largest of Signature Bank, and the 5th largest of First Republic Bank. Though, Alecta’s investments in the three banks amount to just 1% of the fund's total assets.

Last Energy Inc., a startup developing advanced, smaller nuclear power plants, completed four deals to build 34 reactors in Europe. It expects to install the first 20MW plant in 2025. It is one of the companies seeking to manufacture reactors in factories and assemble them on-site, to build them faster and cheaper than conventional nuclear power plants.