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 monthsRecordings per month over the last 12 months — 2 in all, peaking in Sep 2026 with 1.
Appearances
That's right.
And the bond market is this enormous financial system that encompasses government borrowing and and corporate borrowing.
But but really, when we talk about the bond market, there is one sort of big kahuna in it, and that is the US federal government.
This is a $30 trillion market for US treasuries.
That's right.
And about a trillion dollars worth of those IOUs change hands, get bought and sold in the market every single day.
So when we talk about the interest rates that determine everything else, the yields that matter the most, that is really what we're we're talking about, is the US Treasury market.
Treasury is a bond like any other.
The federal government literally auctions off bonds at a fixed interest rate.
And those can be in terms that go anywhere from a few months to 10, 20, 30 years.
The one that we tend to focus the most on is the 10-year treasury note.
It is just sort of the benchmark for everything else in the world.
The US government has to date been the safest, most reliable borrower in the world.
And so the interest rate that they can charge ends up being sort of the foundation on which everything else gets built.
So if I'm willing to lend the government money.
For two percent
then I'm gonna lend you money at a little more than two percent because I don't think you're quite as good a risk as the US government.
If I'm the bank making you a loan, I say I'm gonna charge you three percent on top of the two percent that I'm lending the government to.
So your interest rate ends up being five percent.
That's right.
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