MacroVoices #375 Mike Green: Banking Crisis, Debt Ceiling, De-dollarization and more
Macro Voices
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The Role of Passive Management in Fixed Income
The impact of passive investing on bond markets in the presence of interest rate cuts caused the duration sensitivity of the bond market to explode. Those same bond funds became the biggest beneficiary of the decline in the bond market by attracting a record $1 trillion in excess of the outflows from active managers. Mike Druckenmiller: It's just sad that everybody is focused on the debt ceiling rather than what we're going to do when it gets addressed.
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