AI-powered
podcast player
Listen to all your favourite podcasts with AI-powered features
5min chapter
Liquidity Has Fallen Off A Cliff | Joseph Wang & Michael Howell
Forward Guidance
Is the Fed Funds Rate a Tail Risk?
Bond investors look at a german ten year bund in the same way they look at a 10 year treasury yield. They just hedge the f x risk, or a ten, a ten year japanese government bond. So if the yield on the bund goes from zero to three, then the ten year treasury probably go from two to five and that's what we're seeing now. The collapsing term premier is all about a changing risk appetite. And it's saying that bond investors do not want to take risk. We used to think that a flat, yieled curve with a big belly around the middle, around the mid duration years, was the worst outlook, a much worse than
00:00
Transcript
Episode notes
Get the Snipd
podcast app
Unlock the knowledge in podcasts with the podcast player of the future.
AI-powered
Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode
Save any
moment
Hear something you like? Tap your headphones to save it with AI-generated key takeaways
Share
& Export
Send highlights to Twitter, WhatsApp or export them to Notion, Readwise & more
AI-powered
podcast player
Listen to all your favourite podcasts with AI-powered features
Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode