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11min chapter
Danny Dayan: Reacceleration Risk Threatens Bond Market, Demographics In U.S. Are Inflationary (Not Deflationary)
Forward Guidance
The Impact of Refinancing on the US Economy
They discuss the effects of refinancing on the US economy, highlighting how the losses from refinancing in the US are borne by the debt owners rather than the debtors. They also mention that net interest payments for the corporate sector have decreased as companies term out their debt at low levels. Overall, they argue that these changes are benefiting wealthier cohorts in the economy and suggest that cutting rates may not be necessary.
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