Ben Casselman

speaker

242 appearances 2 recordings 1 series first heard Jul 2026 last heard 15 Sep

Ben Casselman’s voice in public audio — every appearance, attributed to the second.

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recordings per month · last 12 months

Recordings per month over the last 12 months — 2 in all, peaking in Sep 2026 with 1.

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The Daily · The Bond Market Is Flipping Out. Here’s Why You Should Care. · 15 Sep 2026 podcast

You're a paper tiger.

You don't have the juice.

And maybe the the most salient example of this came from Stanley Druckenmiller, who is this big investor, maybe not a household name, but very well known in the world of finance.

And among other things, used to be Scott Besson's boss.

And he wrote a piece in the Wall Street Journal basically saying, This isn't gonna work.

And the core of his argument is basically the US has a a real problem here with its debt and its deficits, and that what Besson was doing and kind of anything that the Treasury might try to do is just papering over that problem.

And the only way that the US is going to be able to bring down bond yields in the long term is to get its fiscal house in order, which is to say to cut spending or raise taxes or some combination of the two so that it isn't running these big deficits year after year.

These strategies are not long term.

These strategies are just kind of, you know, painting over the crack in the wall rather than dealing with the leak that's actually causing it.

So I I think that's exactly the right question to be asking.

So the the yield on the 10-year treasury right now is around 5%.

That is up a lot over where it was a few years ago.

It got down at the depths of the pandemic to half a percent.

And it's been running around at, you know, two percent, two and a half percent for for years.

But if you go back to

Way back to before the global financial crisis and the great recession of of two thousand eight, the tenure treasury was around five percent.

And so in some ways, what it may well be is that interest rates are actually getting back to normal on some level, that really what has been abnormal.

Has been these 20 years of really low interest rates.

That's exactly right.

And and if that's the case, then then we should not expect interest rates to come back down to those low levels again anytime soon.

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