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The Lurking Global Debt Crisis
From robinjbrooks.substack.com
A few months ago, I wrote a series of posts about the worrying rise in longer-term government bond yields, which have decoupled from shorter-term yields and risen to a worrying degree. My central argument was that the 10-year yield can be pulled down by front-end yields if markets expect central bank rate cuts, so - if you want a cleaner picture of what’s really going on - you should look at the 10-year yield 10 years or 20 years forward. This post updates the charts I first put out then, which compared the 10-year yield with the 10-year yield 20 years forward across key advanced economies. This perspective is ... (full story)