Fiscal Policies: Illusions and Impacts

David Rosenberg, president of Rosenberg Research, joins Maggie Lake to explain why he’s a restrained bull on long-term Treasuries. While many investors have written off bonds as “uninvestable,” Rosie argues that recession risk is underpriced, the term premium is rising for structural reasons, and valuations now offer an attractive risk-reward, even if consensus sentiment is deeply negative. Also discussed: why the housing market, not AI hype, is the key leading indicator (and how it's rolling over), the parallels Rosie sees with summer '07, why soft data matters more than headlines right now, and how investors should think about duration and portfolio construction in this environment. Recorded May 22, 2025.🔔 Hit that subscribe button and join the conversation in the comments.Don't miss out on future episodes - get on the list here: https://maggielake.markets/notify-meConnect with me on Twitter: https://x.com/maggielakeConnect with me on Substack: https://maggielake.substack.comWe know you get this, but gotta say it anyway - this show is for informational purposes only and is not financial advice.