Five Percent Is Where Washington Loses Control
The US 10-year Treasury yield is approaching 5%. That number matters less because it is round than because of what happens around it. At roughly...
Tag: USD
Iran Is Now Setting Europe’s Interest Rates
The war in Iran has reached Frankfurt. Not through diplomacy. Through inflation. The European Central Bank has raised its deposit rate by another 25 basis...
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...
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...
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...
If Bessent Caps Yields, the Dollar Will Pay
Scott Bessent is discovering the limits of financial engineering. After doubling planned buybacks of long-dated Treasuries, the US Treasury Secretary is now promising a new...
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...
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...
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...