The Compound and Friends

The Most Interesting Macro Moment of My Lifetime with Jens Nordvig

127 snips
Sep 11, 2026
Guest
Jens Nordvig
Jens Nordvig, a macro strategist and founder of Exante Data, explores an unusually volatile market era. They examine rising Treasury yields, bond-market risks, yen intervention, and the debt-fueled AI investment boom. The conversation also covers AI’s inflationary phase, resilient consumers, gold’s appeal, oil, and why Korea’s technology-driven transformation could make it a standout market through 2027.
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INSIGHT

Why Macro Models Must Keep Adapting

  • AI-powered market models become obsolete when market structure changes, so human oversight remains essential.
  • Jens Nordvig uses Korea as an example: foreign flows once drove equities, but local retail investors recently reversed that relationship.
INSIGHT

Hyperscaler Debt Is Reshaping Bond Markets

  • Hyperscalers are issuing long-term debt at a scale comparable to the U.S. government while financing an unprecedented AI buildout.
  • This creates a new source of pressure on Treasury yields beyond deficits, inflation, and geopolitical risk.
INSIGHT

Normal Yields Become Dangerous With More Debt

  • Current long-term yields may look historically normal, but today’s debt burden makes comparable rates far harder to absorb.
  • Jens Nordvig says CBO projections show U.S. debt rising from above 100% of GDP toward 200% within decades.
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