The World Is Repricing the Cost of Time
Something larger than another bond sell-off is happening. Global sovereign yields have climbed back to levels last seen around the financial crisis. Japan’s 10-year yield...
Tag: bond market
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...
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 Bond Market Is Starting to Set the Rules
For years, financial markets were conditioned to believe that central banks controlled the price of money. Today, that assumption is becoming much less comfortable. Two...
The Bond Market Has Become the Federal Reserve
Central banks are supposed to set the price of money. That simple principle has underpinned modern monetary policy for decades. Markets responded to the Federal...
Tariffs Are No Longer About China
The latest increase in US tariffs on Chinese imports appears, at first sight, almost anticlimactic. The Trump administration has raised the effective tariff on Chinese...
The Dollar, the Bond Vigilantes and Japan’s Impossible Choice
The most important signal in global markets is not coming from the Federal Reserve. It is coming from the long end of the US Treasury...
Japan May Be About to Bring Its Money Home
For decades, Japan has quietly financed a significant portion of the global financial system. Its pension funds, insurers and institutional investors have channelled trillions of...
The Bond Market Has Spoken
The war may be fading. The bond market is not. Since the announcement of the fragile US-Iran agreement, investors have rushed to celebrate the return...