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Zoltan Pozsar Calls For Bretton Woods III | Joseph Wang
Forward Guidance
The Fed's Hedging Costs for Treasuries
European investors bought Treasuries Japanese investors bought treasures. There's there was a relentless bid from foreigners who have much lower rates. As the fed hikes rates those hedging costs become higher. Whatever fx hedged yield you're earning right now on treasuries It's gonna get smaller and smaller very quickly.
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