Bob Pozen

speaker

286 appearances 1 recordings 1 series first heard Jul 2026 last heard 30 Jul

Bob Pozen’s voice in public audio — every appearance, attributed to the second.

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

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They need a cushion.

And that's what the cash is there for.

So if 20% in cash makes you feel psychologically safe, then that's better than 40% in fixed income.

Well, I think we have to look in the future, not in the past, not in the present.

And the question is, what are interest rates today relative to what they're going to be in five years or 10 years?

And in my view, given the fact that both Republicans and Democrats have become fiscally

very undisciplined.

And so we're running federal deficits of five or 6% every year, fiscal deficit.

The second of all, what are called the price insensitive investors of treasuries, buyers of treasuries, they've fallen roughly in half.

So it used to be that we had lots of central banks

Lots of sovereign funds that just automatically bought treasuries.

That's not true anymore.

And the third thing is, what's the prospect for inflation?

And I think the prospect for inflation is not good.

It's not just the Iran crisis and oil prices.

We have a different built-in expectation about inflation, and the Fed's going to have a real hard time.

getting those expectations back to 2%.

That's correct.

I think if we look at this over 10 or 20 years, the combination of chronic large fiscal deficits.

Second of all, remember, Social Security and Medicare are going to crater in the next decade.

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