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...
Tag: debt
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...
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...
The Bond Market Under Pressure
For years, governments believed they could spend first and worry about financing later. The bond market is beginning to disagree. Global sovereign issuance has reached...
The Most Dangerous Chair in the World
Kevin Warsh arrives at the Federal Reserve at the precise moment when the institution is losing the luxury of ambiguity. For more than a decade,...
The Day the Market Stops Believing
There are warnings that belong to the realm of theory, and others that carry the quiet weight of experience. When Henry Paulson speaks about a...
Mission Accomplished, Unease Remains: The Week America Blinked
Last week delivered one of those rare moments when the macro narrative briefly aligned — and in doing so, exposed its own contradictions. On one...
The Fed’s 2026 Reckoning: When Data Meets Debt and Illusion
The long-simmering argument in the US Treasury market over what the Federal Reserve will dare to do in 2026 is about to turn openly confrontational,...
Finance Ministers and Central Bankers Confront a Debt Time Bomb
Gathered in Washington for the IMF’s annual meetings, finance ministers and central bankers find themselves facing a global trading system in disarray, uncertainty over the...