A Global Repricing of Money

A Global Repricing of Money Global interest rates are rising rapidly because of a structural shift fueled by stubborn inflation, swelling government deficits, and aggressive borrowing for artificial intelligence infrastructure. This upward pressure has ended the post-2008 era of cheap capital, forcing central banks and global markets to adjust to a higher-for-longer rate environment. The […]
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Crowding Out: Competition for Capital

Crowding Out: Competition for Capital This week, the Treasury surprised markets when it said it would at least double the maximum size of certain buyback operations for 10- to 30-year securities, raising the cap from $2 billion to “at least” $4 billion per operation. The initial market reaction was straightforward: prices of long-dated Treasuries rose […]
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