Unusual volatility in yields points to longer-term challenges for most influential segment of world’s financial markets
The writer is president of Queens’ College, Cambridge, and an adviser to Allianz and Gramercy Last week’s unusual turbulence in US Treasuries points to a deeper issue than just the latest reading of the runes on inflation and the interest rate intentions of the Federal Reserve. The , whether in economics, policy, or technical aspects. There are readily available short-term explanations for the rollercoaster ride in yields that has garnered significant attention in the US and beyond.
All of this occurs in a context of substantial fiscal deficits that show no signs of significant moderation, for reasons that include Congressional dysfunction and the considerable bills associated with past promises and ongoing transitions in response to critical challenges such as climate change. Consequently, the balance of risks suggests more significant fiscal pressures than originally anticipated. This uncertainty also extends to longer-term supply and demand dynamics.
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