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...
Tag: US Treasury
Japan Joins the Global Tightening Club
For nearly three decades, Japan occupied a unique place in global finance. While the rest of the world worried about inflation, Japan worried about deflation....
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 Monster Beneath the Treasury Market
For years, investors believed the greatest danger facing the bond market was inflation. They were wrong. Inflation was only the trigger. The real danger was...
America’s Inflation Problem Is Becoming Structural Again
For nearly two years, markets repeated the same comforting narrative: inflation was temporary, growth was slowing, and the Federal Reserve would eventually be forced to...
The Dollar’s Silent Fracture
For years, the world believed the dollar system was unbreakable. Every crisis ultimately reinforced American financial dominance. Capital fled towards US Treasuries. The dollar strengthened....
The Strait May Reopen, But America Leaves Weaker
For financial markets, the announcement of a provisional 60-day truce between the United States and Iran was enough to trigger relief. Oil prices collapsed nearly...
America Discovers the Cost of War
For nearly two decades, the United States lived under a comforting illusion. Inflation belonged to history books, energy shocks belonged to the 1970s, and supply...
Turkey Is Burning Its Dollar Lifeboats
For years, emerging markets accumulated US Treasuries as a form of financial insurance. They were supposed to be the ultimate reserve asset: liquid, stable, universally...