Robert Armstrong

speaker

1,703 appearances 12 recordings 3 series first heard Oct 2025 last heard 6d ago

Robert Armstrong’s voice in public audio — every appearance, attributed to the second.

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Recordings per month over the last 12 months — 12 in all, peaking in Jan 2026 with 3.

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But for

geopolitics read inflation, I think, in his comments.

Uh now he did and he mentioned a third factor, competition for capital from hyperscalers.

I think again that's part of the story, but a small one.

Main part of the rise in yields is inflation and central banks, I would say.

Growth, hyperscaler investment, all this stuff, they're they're part of it, but not a huge part of it.

The reason a high-rate environment would not be good for stocks is that they discourage certain kinds of activity, classically, right?

It becomes more expensive to finance stuff.

And that slows down the economy.

And there's other psychological factors, but let's just concentrate on that one mechanism for now.

The standard mechanism by which that happens is the

Yeah.

uh housing market.

The the thing where you have the most direct channel to the economy is

You raise rates, mortgages get more expensive, housing slows down.

That's a big swing factor in the economy.

The economy slows, et cetera, et cetera.

Stock market gets hurt.

Well, we are in the situation now, and you can call this fortunately or unfortunately as you please, where the housing market already sucks.

So it can't be damaged that much more by higher rates.

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