Chelsey Dulaney
speaker
358 appearances
8 recordings
2 series
first heard Aug 2025
last heard 2 Sep
Chelsey Dulaney’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 — 6 in all, peaking in Sep 2026 with 1.
Appearances
So I think investors are reading that as as quite dismissive of the signal that the bond market is sending.
Yeah, there's this famous phrase, the US sneezes, the world catches a cold.
So whatever happens in the US Treasury market, it will spill over, it will impact the rest of the world.
And we're already seeing that and the extreme sell-offs we're seeing in bond markets around the world.
But it it hasn't yet become destabilizing for the global economy.
But it will impact everyone.
It impacts people who would take out mortgages, it impacts credit card rates, it impacts companies.
So
This will have an impact on on growth.
It will have an impact on consumers.
Thanks for having me.
Yeah, definitely. International travel started out as this luxury for wealthy Americans. You go back to the 1800s. It was people going on these grand European tours as young men, very wealthy. They were going to go and learn languages and stuff.
See the Acropolis and things like that. And then over time, you know, it remained something that was very out of reach. It was very expensive flights back in the 1980s. And today's dollars would be over $2,000 to get from New York to London.
Today, you could take that flight for probably $500. So we've seen just over the years, either through the technical revolution, the rise of the jet engine, and then there was a lot of deregulation. There was more competition. You had these international air alliances. All of that has really opened up the world to Americans. And then you have the pandemic, which kept a lot of people at home. When the world reopened, they went out in a really big way. So since then, we've just seen this
Yeah, I mean, Americans have just gotten a lot wealthier in recent decades and the middle class has expanded a lot. But a lot of this comes down to boomers. You really can't overlook the role they're playing in this. You know, older Americans have $110 trillion in wealth now. So they've seen stock market gains, the value of their houses have increased. And so those people are going out, they're older, they want to get in this travel while they can.
We talked to one person who said he spends six figures on travel every year. So they're playing a huge role. And then you also have Gen Z, which they say it's hard to buy a house. People are having kids later and Gen Z sees travel as sort of a necessity for them. So I think on both ends of the spectrum, you see the boomers traveling out and you also see Gen Z traveling a lot.
Yeah, I mean, the tourism boom has been pretty transformative for some European economies, especially some of the southern European ones like Portugal and Spain that were really in dire straits a decade ago. But it's also left a lot of locals feeling pushed out of their own cities. You know, housing prices have increased.
soared, their housing shortages, expenses for all sorts of everyday living costs have gone up. And so you do see these protests pretty much every summer now. It's a bit of a catch-22 for governments and regulators because especially American tourists bring in a lot of money.
Last year, Americans in Spain spent about $350 a day. French travelers only spent $150 a day. So, you know, Americans bring in a lot of money for businesses. So for a lot of economies, they don't want to give up what's been a real boost to their economies.
Inflation is killing me.
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