The Tensions Between China and the United States

There was a maturity mismatch going on then too. And it may be from the same causes. Remember in the 2000s, interest rates were being raised very slowly. Some companies were funding with repose funding treasuries. So in that way, harkens to now. In the US banking system, some banks are funding treasury bonds with deposits. But a big difference now is the biggest duration mismatch is the Federal Reserve itself. It uses overnight borrowing to fund a giant bond portfolio of some $9 trillion. The expectation that there'll be weak growth for a while, put pressure on people in developing countries throughout the world. That's what's showing up in the meetings here.