James Thompson

speaker

5,322 appearances 17 recordings 2 series first heard Apr 2026 last heard 11 Sep

James Thompson’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 — 17 in all, peaking in Jul 2026 with 5.

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So voice-verified

Everything is pointing to inflationary pressures. voice-verified

I reckon the bigger story here though, Anthony, is we're in a sort of in a world of scarcity. voice-verified

That's the way I think about it. voice-verified

Not that long ago, we thought there was sort of endless capital to fund government deficits. voice-verified

All of a sudden we've got the AI build out, and big tech companies want as much capital as they can get their hands on. voice-verified

So they're tapping the bond market as much as government. voice-verified

So you've got a bit of a battle for capital. voice-verified

You've got scarcity of natural resources. voice-verified

You know, there's not enough copper in the world for the AI build-out and the energy transition. voice-verified

There's not enough wheat all of a sudden. voice-verified

There's not enough oil and diesel getting around different places. voice-verified

So this idea of scarcity, I don't think it's going to go away quickly. voice-verified

You know, this isn't a problem that you solve like next week or next month. voice-verified

So my message is higher for longer interest rates, higher for longer bond yields, higher for longer. voice-verified

Longer borrowing costs. voice-verified

This is what we've got to get used to. voice-verified

A lot of people say, oh yeah, it's just bond bond yields normalizing. voice-verified

They've been too low for too long. voice-verified

We're just getting back to average long-run areas. voice-verified

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