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Unusual Whales Pod #11: 2.6% GDP, the American economy at large, and risks in the Treasury market

Unusual Whales

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The Structure of the U.S. Economy

I think I really like Joseph's point about focusing on the structural dynamics, which I think often get lost in the day to day, incremental pieces of information. If you think about how the structure of the U.S. economy has changed, since basically prior to the financial crisis where we are today, there's been a very explicit increase in resiliency. We're seeing the structural basis of the economy is a lot more sort of an older school structure of the economy rather than the sort of highly leveraged economy that we saw in previous cycles. That means, by definition, we've really reduced our sensitivity to interest rate changes in a really meaningful way.

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