US EditionAmerica’s Long Spending Spree Has Put It in a Bind
2 Articles
2 Articles
In recent collaborations, we pointed out that the Flight to Quality phenomenon unleashed by President Trump with his disruptive and zigzary protectionist policy, as well as his erratic fiscal policy, differs markedly from all other episodes of global volatility, because on this occasion, money comes from where it is invested and instead of concentrating on US Treasury bonds, as has always happened since we have the dollar's monetary pattern, it …
America’s long spending spree has put it in a bind
By Edmund Harriss, CIO of Guinness Global Investors The US debt and deficit position is once again in focus, and it is the bond market that will set the terms of any budget deal. Moody’s cut its rating on US Treasuries from the coveted AAA to Aa1, the last of the big three credit ratings agencies to do so. A recent auction of 20-year Treasurys just priced at a yield of 5.08% on lacklustre demand. At the same time, Republicans are negotiating wi…
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