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...
Tag: Scott Bessent
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...
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,...
Japan’s ¥8.5 Trillion Warning: Currency Intervention Has Become Geopolitical
For decades, foreign exchange intervention was regarded as an emergency tool, deployed occasionally to smooth excessive volatility before markets inevitably reasserted the underlying economic fundamentals....
The $170 Billion Reckoning
When power stretches the law, the bill eventually arrives. Thousands of companies are now preparing for what may become one of the longest and most...
Dollar in Hell
Donald Trump has finally said the quiet part out loud. Asked in Iowa whether he was concerned by the dollar’s slide, the US president smiled...
Japan Pulls the Thread, the Bond World Unravels
A sudden surge in volatility on the Japanese government bond market is no longer a local curiosity. It is fast becoming a global stress test....
When the Fed Loses the Plot
Investor certainty over a December rate cut, a confidence the Federal Reserve had itself so carefully stage-managed, has evaporated with theatrical brutality. US Treasuries endured...