Joe Biden

We experienced it during COVID with all the anxiety around, you know,

We experienced it during COVID with all the anxiety around, you know,

pp equip you know personal protection equipment and stuff like that it's not a new thing but i think there's this clear anxiety about the fact that you know the entire world really is so dependent on one country that's emerging as a manufacturing powerhouse in almost every category that you can think of what's your best guess on what's going on with the bond markets and the weakening dollar

pp equip you know personal protection equipment and stuff like that it's not a new thing but i think there's this clear anxiety about the fact that you know the entire world really is so dependent on one country that's emerging as a manufacturing powerhouse in almost every category that you can think of what's your best guess on what's going on with the bond markets and the weakening dollar

I think there's two things. It's a really good question. My co-host of the podcast, Tracy Alloway, has written a lot about this. I wouldn't say there's two things going on right now. It does feel like, to some extent, there is this general flight out of US assets. And so we have this sort of trifecta of the stock market going down, the dollar going down, the Treasury market going down.

I think there's two things. It's a really good question. My co-host of the podcast, Tracy Alloway, has written a lot about this. I wouldn't say there's two things going on right now. It does feel like, to some extent, there is this general flight out of US assets. And so we have this sort of trifecta of the stock market going down, the dollar going down, the Treasury market going down.

And so people look at the US, and they start to question, is the US a place where I want to park my marginal dollar? And it seems like, at least at the margins, more people are answering no. The other thing with the bond market specifically is that we've had a few bouts of really intense selling.

And so people look at the US, and they start to question, is the US a place where I want to park my marginal dollar? And it seems like, at least at the margins, more people are answering no. The other thing with the bond market specifically is that we've had a few bouts of really intense selling.

And then intense selling – and it's happened a couple of times at night, you know, like during the overnight futures, et cetera. There's not a lot of liquidity in the market. And when people are panicking, they want dollars. You know, they want to pay the bills. I always joke, you know, it's like – You have to pay your rent. You have to pay your cell phone bill.

And then intense selling – and it's happened a couple of times at night, you know, like during the overnight futures, et cetera. There's not a lot of liquidity in the market. And when people are panicking, they want dollars. You know, they want to pay the bills. I always joke, you know, it's like – You have to pay your rent. You have to pay your cell phone bill.

All these things become very immediate. It doesn't matter. I can't pay my mortgage with a treasury bond. I need actual dollars. And so you just start with the cliches. You sell everything that's not nailed down. You sell your desk. You sell your headphones, et cetera.

All these things become very immediate. It doesn't matter. I can't pay my mortgage with a treasury bond. I need actual dollars. And so you just start with the cliches. You sell everything that's not nailed down. You sell your desk. You sell your headphones, et cetera.

And so I think it's like rumblings of that where there's this like very acute sense of anxiety where it's like, I just want to survive to the next day. I just want to survive to the next month. And treasuries are one of the things in the menu of things that you can sell. Treasuries are one of the things that's available to you.

And so I think it's like rumblings of that where there's this like very acute sense of anxiety where it's like, I just want to survive to the next day. I just want to survive to the next month. And treasuries are one of the things in the menu of things that you can sell. Treasuries are one of the things that's available to you.

Yeah, I mean, look, I do think it's probably too early to say. But, you know, look, there are other signs of it, too, of this sort of like, you know, the U.S. is turning away from the rest of the world in sort of very straightforward ways. That's what tariffs do. And you see various ways that the rest of the world is turning away from the U.S.

Yeah, I mean, look, I do think it's probably too early to say. But, you know, look, there are other signs of it, too, of this sort of like, you know, the U.S. is turning away from the rest of the world in sort of very straightforward ways. That's what tariffs do. And you see various ways that the rest of the world is turning away from the U.S.

You see it in the drop of, you know, I tend not to put a ton of stock in, like, polls of how people think about the U.S. at any given time, but they're way down. We see tourism way down from other countries already. That's already hit. You know, today there were headlines about, you know, I think there's this hope that, for example, you know, the U.S.

You see it in the drop of, you know, I tend not to put a ton of stock in, like, polls of how people think about the U.S. at any given time, but they're way down. We see tourism way down from other countries already. That's already hit. You know, today there were headlines about, you know, I think there's this hope that, for example, you know, the U.S.

could become have a good relationship with the Vietnamese, for example, on Pryway, one of China's neighbors. Seems very implausible to me. China is going to be an important supply and demand source for Vietnam and its future. It's its next door neighbor. There were headlines today about China wanting its companies to deepen their investment in Vietnam.

could become have a good relationship with the Vietnamese, for example, on Pryway, one of China's neighbors. Seems very implausible to me. China is going to be an important supply and demand source for Vietnam and its future. It's its next door neighbor. There were headlines today about China wanting its companies to deepen their investment in Vietnam.