Emily Herbert

speaker

143 appearances 5 recordings 1 series first heard May 2026 last heard 2 Sep

Emily Herbert’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 — 5 in all, peaking in Aug 2026 with 2.

Appearances

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FT News Briefing · Borrowing costs hit multi-decade highs · 19 Aug 2026 podcast

So more supply, not so much demand, means that prices go lower and yields go higher.

I think looking ahead from here, there's no real reason to think that this weakness in longer dated government bonds will stop.

These huge debt burdens on governments and the kind of worries about inflation, as well as this supply demand dynamic for government bonds, those are all long term trends which aren't really going anywhere anytime soon.

I think probably if we got some good news in the US around negotiations, that could offer a bit of short term relief to bond markets.

But ultimately the long term causes of this weakness aren't going anywhere anytime soon.

Yeah, this matters for governments because ultimately it means that when they issue debt, they have to pay higher borrowing costs on that debt.

This only adds more cost for the government in interest payments, which makes the debt problem itself grow further.

And that sends bond yields higher, so on and so forth.

So some investors have said they are worried about this just grinding on because of the kind of self fulfilling cycle of it all.

Other people also said it could have a knock on effect for the stock market because not only is it pushing up borrowing costs for companies as well.

But when investors can get a higher yield for buying a government bond, sometimes this can take away some of the incremental demand in the market for stocks.

So if the sell off deepens further, I think there is a risk that this really hits the stock market rally as well.

FT News Briefing · US Supreme Court blocks firing of Fed governor · 30 Jun 2026 podcast

So after quite a few years of doing incredibly well in the stock market, the Mag7 have done badly this month.

What's happened is that for a lot of the Mag7 companies, they're committing to spending loads of money on the AI build-out, on data center infrastructure, and basically on this race to make sure that they're the first company to be the best at AI, to have the best large language model.

And investors are getting worried that all of this spending that these companies are doing isn't all going to translate into profits.

Some of it will be wasted on just trying to be the quickest and the first to get there.

So there's a fear that not all the spending is going to be productive and turn into a kind of good return on the investment.

Yeah.

So investors are saying, we don't know who's going to win this race.

We don't really want to make a bet on it.

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