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Checks and Balances
The US is a federal republic. It isn't a democracy, where the majority always rules. The constitutional system…
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WEEKLY WEBCAST: Japan’s Brawl With The Bond Vigilantes
After last week’s portentous Japanese government bond auction, in which demand was so weak as to be off the…
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ECONOMIC WEEK AHEAD: May 27 - 30
The week ahead is starting with another tariff whiplash. On April 2, President Donald Trump imposed hefty reciprocal tariffs on…
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DEEP DIVE: Demographics Entrench Deflation In China
For a decade now, economists have been theorizing about how China’s aging and shrinking population might affect its economic…
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The Elephants In The Room
The elephant is as good a metaphor as there is for the US government bond market. Its scale, power, memory,…
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ECONOMIC WEEK AHEAD: May 19–23
The week ahead is light on economic indicators. Fed officials undoubtedly will make some headlines. They are likely to reiterate…
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Not Much Stagflation Today
Earlier this year, US Treasury Secretary Scott Bessent said that he and President Donald Trump were focusing on the 10-year…
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