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...
Tag: FED
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...
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...
The Fed Is No Longer Fighting Yesterday’s Inflation
The Federal Reserve is entering its July meeting with a problem that is far more serious than a single uncomfortable inflation print. The issue is...
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...
Warsh’s New Fed: Hawkish Words, Flexible Hands
For the first time since taking over the Federal Reserve, Kevin Warsh has given investors a clearer insight into how he intends to run America’s...
A War Without Peace
The ceasefire is over. The negotiations continue. This contradiction now defines the relationship between the United States and Iran. Over the weekend, both sides exchanged...
The New Global Rate Regime Has Arrived
For much of the past decade, investors became accustomed to a remarkably predictable world. Inflation remained subdued, central banks stood ready to support growth at...