Germany Is Discovering the Price of Fiscal Power
For more than a decade, Germany’s bond market was defined by scarcity. The country borrowed little, balanced its budget whenever possible and transformed fiscal restraint...
Author: J-P. Pizzini
America Is Taxing Its Own Supply Chain
Tariffs can extract concessions, as the latest US-Canada negotiations confirm. The problem is that, against Canada, they can also produce something considerably more damaging: higher...
Who Will Buy America’s Long Bond?
The most important question in the US Treasury market is no longer whether the Federal Reserve will raise rates again. It is who will buy...
The Fed Is No Longer Setting the Global Rate Cycle
For most of the past decade, global monetary policy was organised around one central question: what would the Federal Reserve do next? That hierarchy is...
To Isolate Iran, Washington Must Confront the World
Scott Bessent has promised something extraordinary. The United States, he says, is preparing measures against Iran that would be unprecedented in the history of the...
The Next Supply Shock Is Already Underway
The next inflation shock may not begin with oil. It may begin with diesel shortages in Russia, dry fields in Europe and a growing inability...
Africa’s Yield Advantage Is Becoming an Investment Story
For years, African local-currency debt was priced primarily as compensation for risk. Today, investors are beginning to look at it differently. The extraordinary yields available...
The Black Sea Is Becoming the World’s New Supply Chokepoint
For most of the war, the economic significance of the Black Sea was measured through energy. Oil terminals, pipelines, refineries and Russia’s ability to finance...
The BOJ’s Yen Dilemma
The United States and Japan have shown an unusual degree of coordination in defending the yen. Yet beneath that apparent unity lies a fundamental disagreement...