You are going to see a crack in the bond market — OK?  It is going to happen.     -JPM CEO Jamie Dimon, via WSJ, 5/30/25 I do not believe that these issues will cause a crisis in the next five to 10 years, and, unfortunately, this may lull us into a false sense of security. But after 10 years, it will become clear that action will need to be taken. The problem is not that

With the US/China trade war and the US fiscal situation dominating much of the macro news these days, we thought it would be timely to put together the presentation at the link below about how the two issues are essentially two sides of the same coin:

We’ve inherited a 6.7% deficit-to-GDP, the highest outside war or recession.  Our focus is to grow the economy faster than the debt, that’s how we will stabilize debt-to-GDP.  We are going to grow the GDP faster than the debt growth and that will stabilize the debt-to-GDP, which … is the most important number.     -Treasury Secretary Bessent, NBC, 5/18/25 Some people will think the 2¾ nonmarketable bond is a trick issue. We want to meet that