Steph McGovern

speaker

4,471 appearances 51 recordings 6 series first heard Nov 2025 last heard 9 Sep

Steph McGovern’s voice in public audio — every appearance, attributed to the second.

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recordings per month · last 12 months

Recordings per month over the last 12 months — 51 in all, peaking in Aug 2026 with 9.

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The Rest Is Money · 311. Why is the US debt crisis a big problem for Burnham? · 6 Sep 2026 podcast

So this is a significant amount that comes through the Strait of Hormuz. matched

Um, you know, recently we had the ceasefires, we've had this kind of heavy armory around ships going through to try and get them through, you know. matched

Trump has been trying to push to get more ships through. matched

And it's got to about seventeen million barrels a day coming through. matched

But again, that is under threat. matched

It's not back to twenty and it's under threat because the tensions have risen. matched

So inflation is a big worry, isn't it? matched

And that's then leaving to lots of people wondering what are the what are the central banks going to do about rates, Robert? matched

Yeah, because one of the other things that's really interesting that's going on at the moment is what's happening in the tech world. matched

The big US tech firms you who obviously are developing AI as fast as as they can. matched

And the way that lots of these big firms are doing that is is borrowing to fund their investment. matched

Um so you know that what that means is now markets are getting a lot more choice. matched

over who they decide to lend money to in the form of bonds or or w you know whichever uh debt often they're using and that means that you know somebody who's investing might go hang on a minute do I want to give do I want to buy a UK bond or do I want to buy one in a you know their money to a a big US tech firm and so that's the competition that's also going in in in the bond markets. matched

And just to give you some statistics matched

Statistics on that, according to Goldman Sachs, roughly a quarter of and this sounds a bit technical, but US gross investment grade debt assurance, so the the the money loan to these big tech firms, uh, this year has come from AI related companies. matched

So you your hyperscalers, your your data sector funders, your software providers, you know, there's a big chunk of money now going to matched

them which could have gone to uh lending central governments money and so there's competition there and obviously now if you're trying to convince you know if you if you want them to buy your debt you're gonna give them a better uh a better rate. matched

So there's the pressure there from the tech firms which I think is really interesting as well. matched

And then on top of that Robert what you've also got is just countries borrowing more money generally to try and fund their matched

Inc increase in spending and that's another big issue, isn't it? matched

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