The Yen Could Trigger the Next Dollar Sell-Off
The yen’s latest rally looks modest compared with July’s intervention. Its implications may be much larger. The currency jumped as much as 1.2% against the...
Tag: interest rates
Bessent’s Real Opponent Is the Global Price of Capital
Scott Bessent wanted to slow the rise in American borrowing costs. The market gave him about two weeks. The US 30-year Treasury yield has returned...
The Administration Has a Market Problem and No Policy
There is a certain irony in watching Scott Bessent fight the bond market. The Treasury Secretary built much of his career alongside George Soros and...
The Weak Dollar Is Creating an Emerging-Market Paradox
The weakening dollar is beginning to transform emerging markets. But not in the simple way investors usually imagine. For traditional investors, the combination looks almost...
Bessent Is Trying to Control the Price of America’s Debt
Scott Bessent has spent much of his career believing that markets send information. As Treasury Secretary, he is increasingly trying to change the message. Washington...
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...
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...
Japan Is Winning the Battle, Not the Currency War
Japan has spent extraordinary amounts of money defending the yen. The result, so far, is less impressive. After the first coordinated US-Japan intervention since 1998,...