Ryan Miller
speaker
4,581 appearances
12 recordings
2 series
first heard Mar 2026
last heard 10 Aug
Ryan Miller’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 — 12 in all, peaking in Jul 2026 with 4.
Appearances
So for 30 years, the U.S.
enjoyed something magical, a base of buyers for its debt that did not care about the price.
Foreign central banks bought treasuries because they needed dollar reserves for trade.
The Federal Reserve bought trillions through quantitative easing.
Neither of them was buying because it was just a good investment.
They were buying for policy reasons.
They were price insensitive.
And when you have a giant price insensitive buyer standing under your bond market, you can borrow enormous amounts without rates ever spiking.
That base is now walking away.
Foreign central banks are quietly reducing their share of U.S.
treasuries.
The Fed has been shrinking its balance sheet, not growing it.
And the reason is a moment most investors have already forgotten.
See, in 2022, when Russia's roughly $300 billion in foreign reserves got frozen overnight as part of sanctions, that was the shot heard around the central banking world.
Every reserve manager on earth reserved the same lesson in a single afternoon.
Paper assets you hold in someone else's system can be frozen with a stroke of a pen.
Gold in your vault cannot.
So who's left to buy the debt?
Price sensitive buyers, hedge funds, pension funds, households, people who will absolutely buy US treasuries, but only at a price that compensates them for the risk.
And that's the entire meaning of a rising term premium.
Showing 761–780 of 4,581 · page 39 of 230
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