Something for your Espresso: The Chinese debt swap and Powells lack of term premia awareness
We are still some distance from Powell acknowledging that the balance sheet approach in the U.S. will need to change to maintain sufficiently loose conditions. Meanwhile, China remains hesitant, and the absence of new stimulus is likely to weigh on global growth, which could, in turn, lead to lower bond yields.
We are still some distance from Powell acknowledging that the balance sheet approach in the U.S. will need to change to maintain sufficiently loose conditions. Meanwhile, China remains hesitant, and the absence of new stimulus is likely to weigh on global growth, which could, in turn, lead to lower bond yields.
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