Michael Green
speaker
318 appearances
3 recordings
1 series
first heard Dec 2025
last heard today
Michael Green’s voice in public audio — every appearance, attributed to the second.
Trend
recordings per month · last 12 monthsRecordings per month over the last 12 months — 3 in all, peaking in Sep 2026 with 1.
Appearances
Prof G Markets · Wall Street Veteran: The Bond Sell-Off Is A Buying Opportunity · 29 Sep 2026
podcast
I think it is absolutely false that that's what it is telling us.
If it were telling us that, we would expect to see credit spread widening in the form of CDS on U.S.
credit.
That is not widening, that is actually tightening.
Likewise, if it was a signal about inflation, we would expect to see that priced into inflation swaps.
Once again, they are going the opposite direction, suggesting that inflation is less of an issue.
The only thing that we are seeing is the price behavior of the bonds themselves, and it's happening on a global basis.
It is not U.S.-specific.
It is not inflation-centered.
It is a mechanical product.
And increasingly, the administration is beginning to recognize this.
This is what Scott Besant is indicating when he says these do not reflect the fundamentals.
Unfortunately, it's directly tied to the Federal Reserve not understanding what it is actually doing in a market that is dominated by these passive flows.
Fed Chairman Warsh has very specifically said he is looking to the market for pricing signals and for information.
Unfortunately, that leaves them completely exposed to the market not pricing fundamental information and instead reflecting the manner in which we choose to invest, which is being done against an improperly constructed index.
If it were any of the phenomenon that you were highlighting, if it was indeed fiscal profligacy, we would expect to see the dollar weakening, not strengthening.
We would expect to see credit default swaps on the United States widening, not tightening.
They are tightening and not widening.
This is doing the opposite.
The dollar is strengthening, not weakening.
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