Robin Brooks
speaker
308 appearances
6 recordings
3 series
first heard Feb 2026
last heard 20 Aug
Robin Brooks’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 6 in all, peaking in Aug 2026 with 3.
Appearances
Of course, thirty years as you said in your intro, that's a very long horizon.
So financial markets over that long horizon price risk premium for inflation, for policy uncertainty, for the amount of debt that you have.
And so what we've seen the last couple of days and honestly over the past year is that these long term yields have risen massively.
Most of all in places that are highly indebted or andor politically dysfunctional, so places like Japan.
France, the UK, Italy, and of course also the United States.
So if you look at the tenure, right, we're at four point seven.
Doesn't seem very worrying.
It gets more worrying if you look at the ten year yield ten years forward.
So that's what markets price
implicitly in longer term yields ten years from now, and that's six percent.
On a scale from one to ten, I am a six or a seven.
the problem is fiscal policy, right?
We have deficits that in a non crisis period we don't have COVID, we don't have the pandemic, we have a deficit of seven percent of GDP, give or take.
And if you want yields to come down sustainably.
Then that is what you need to rein in.
I would call what we're doing now this buyback.
I would call it financial engineering.
It is really shuffling shuffling the deck chairs.
Yeah.
So Treasury buyback is basically announcing that you're going to buy literally long-term Treasury bonds back.
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