Robert Kaplan
speaker
231 appearances
1 recordings
1 series
first heard Apr 2025
last heard Apr 2025
Robert Kaplan’s voice in public audio — every appearance, attributed to the second.
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Appearances
And what's happened is they have been moving on the margin away from the dollar.
And you're even seeing in the last week.
That some dollar weakness.
10-year Treasury backing up as opposed to rallying, which you would normally expect to see.
And you're seeing a move, I think, not between asset classes, you're seeing a move away from dollar denominated assets.
That is extremely unusual.
And again, they're doing it to hedge their bets, depending on what the administration is trying to accomplish.
So we're seeing all those potential explanations.
I think the truth is we're not sure.
There's certainly been comments in the market, and we've seen them flows about the unwind of the basis trade you referred to.
We're seeing among some asset allocators a desire to reallocate and rebalance their dollar exposures to other markets.
And I think the most insightful thing I can say, certainly if I'm at the Fed and sitting here at Goldman Sachs, the only thing we can all agree on is something we are watching very carefully because it's a concern for a country that has a uh, let's say, 36, 37 trillion dollars.
Of treasury debt.
Outstanding and growing by at least $2 trillion a year.
It's very critical that we are able to market our debt.
We've struggled over the last few years to sell duration and that we've tried to front-end load it.
But it's critical for a country with debt to GDP 100% plus, you want to be able to market your debt.
You want confidence in what we're doing here.
And I
I think it bears watching.
Showing 81–100 of 231 · page 5 of 12
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