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4min chapter
Joseph Wang & Alex Etra: Trillion-Dollar Liquidity Drain Imminent
Forward Guidance
How to Buy Dollar Assets Unhedged
Joseph, that trade now is a very unprofitable trade because you'd be borrowing at 5% to buy a 10 year treasury that yields 3.7%. There are some institutions in Japan that also are like a postal bank and some other kind of cooperative banks that have deposits. They typically put their money into essentially an investment fund. And it's a little unclear how much hedging they do. So that's another key class of investors that we have to watch for these global fixed income flows.
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