Empiezan a subir las tasas de interés en EEUU

The bond vigilantes are coming!

"Of course, the truth is that the USA is an autonomous issuer of its own currency. That means it can never “run out” of money (see here if you’re getting confused already). This is very different than what’s going on in Europe where each country is analogous to a state in the USA and a currency user. The difference is critical when understanding the economy and the markets. Because there is no solvency risk in the USA the bond markets are almost entirely controlled by the Fed (private credit markets are different). That’s right. James Carville was wrong – when you come back you want to come back as the Federal Reserve, not the bond market! Of course, we could print so much money (since we can’t run out of money we can certainly issue too much of it!) that inflation becomes wildly out of control and our currency collapses to nothing and causes the US to become a third world country, but that’s a very different phenomenon than the USA becoming Greece who can literally run out of Euro…."

DAvid Beckworth dice que el aumento de las tasas significa que se espera mayor crecimiento

Lars Christensen

"What we need to know when we look at market action is to know why asset prices are moving and the best way to do that is to compare how different asset markets are moving."