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The Future of the US Treasury Market
There are certain markets where higher rates at the short end of the curve are kind of problematic. Some real estate funding is based on floating rates, so that would immediately pick up this higher rate. So that could be problematic and make this sell off in real estate even worse. But look, when you shape the tree, things happen. You can never predict what they're going to be or what the kind of loosest thing is going to be. Every shock unleashes a new kind of set of secondary problems. I'm sure this is going to unleash some kind of new secondary crisis. But I just don't know what it's going to be."