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IPFS News Link • Economic Theory

Finance Discovers Sting: "How Fragile We Are"

05-16-2023 • arclein

Let's put this to rest right now: bills and debt ceiling. [Yields] don't fall for debt ceiling, they rise when [money market funds] get nervous. In '11, collateral squeeze pushed [yields] down to near zero. Then debt ceiling in July rates briefly jumped. Went right back to collateral within days. Also in the collateral run camp are CrossBorder Capital's Michael Howell and Real Vision's Raoul Pal. Howell told Pal, "Look at the term premia on the US Treasury market, it's published every day by the New York Fed. That number is not just negative. But if you take out the inflation trend in that data, it's the most negative it's ever been."

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Reported By robert klein

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