Growth Is Not a Fiscal Strategy
Scott Bessent believes America can grow its way out of its debt problem. The bond market wants more evidence. The Treasury Secretary argues that the...
Tag: US Treasury
The Bond Market Has Stopped Waiting for Cheap Money to Return
The US 30-year Treasury yield has moved above 5.6%. For the first time since 2002. The important question is no longer why yields rose another...
Washington and Tehran Are Now Negotiating With the Clock
The US-Iran war has acquired another battlefield. The calendar. After seven months of conflict, talks in New York have produced little progress. Iran has offered...
The Treasury Market Has Stopped Waiting for the Fed
US Treasury yields surged, with the five-year yield breaking above 5% for the first time since 2007 and the 10-year reaching roughly 5.13%. The move...
The Fed Is Walking Into a Crowded Trade
The bond market is no longer merely expecting a Federal Reserve rate increase. It is positioned for one. That distinction matters. Treasury traders have aggressively...
The Yen Is Turning Into a Dollar Problem
For months, the yen needed help. Now it may be moving on its own. The Japanese currency has strengthened through ¥155 per dollar, triggering stop-loss...
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...