John Stepek

speaker

2,551 appearances 28 recordings 1 series first heard Apr 2026 last heard 6d ago

John Stepek’s voice in public audio — every appearance, attributed to the second.

Trend

recordings per month · last 12 months

Recordings per month over the last 12 months — 28 in all, peaking in Jul 2026 with 7.

Appearances

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Merryn Talks Money · Markets Wrap: Bessent's Big Bet, Bond Yields and the AI Bubble · 11 Sep 2026 podcast

So do you mind talk us through what he's actually doing and whether he's actually having any success at it? voice-verified

Well, thanks for the intro. voice-verified

He's basic he's basically saying that I'll I've got insider knowledge and you guys are are gonna lose. voice-verified

Um i it does seem quite uh a gutsy thing to set himself up as a target in that way, but presumably he voice-verified

Well voice-verified

so what they're doing is they're buying back US Treasury bonds out at what's called the long end. voice-verified

So like thirty years basically, isn't it? voice-verified

Yeah. voice-verified

So basically the the backdrop has changed and that's pushed up the yields. voice-verified

But the the bit that Besson technically wants to target, which is the perceived riskiness of the US Treasury, yeah, that's actually worked, but he's still in trouble because voice-verified

Yeah, he is kind of between a rock and a hard place from that point of view, which I guess means the the easy, obvious thing for him to do would just be do what he thinks you should do. voice-verified

But um but I guess it's easier said than done. voice-verified

But in terms of voice-verified

what happened with the yen this week, because also that's that's another thing where Besson set himself up essentially is I mean, I do on another point, I find it quite interesting that effectively he really is kind of interfering in another country's monetary policy in quite a dramatic way. voice-verified

Um and I've got to say the the Japanese authorities don't really seem to care because they seem to want it to go that way. voice-verified

But it'll be interesting to see what happens if you know if they ever voice-verified

But but tell us what's happening there. voice-verified

is basically the the kind of dreaded yen carry trade unwind. voice-verified

Yes. voice-verified

So basically the the Japanese bring all their money home, at least in theory, and everything else. voice-verified

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