After Trump announced "Liberation Day" on 2 April, US government bond yields began to rise – and even after the announcement on 9 April of a "pause" in the implementation of Trump's massive tariff increases, yields continued to climb. It was especially the 30-year Treasury yields that rose to alarmingly high levels, reaching just above…

Market Monetarist

16.07.2025

The Forgotten Mandate: How “Moderate Long-term Interest Rates” Exposes the Fed’s Achilles Heel | The Market Monetarist

The Hidden Third Mandate The Federal Reserve Act may soon create serious problems for Jerome Powell - or perhaps I should say "Too Late" Jerome Powell, as President Trump has taken to calling him. Most economists discuss the Federal Reserve's "dual mandate"—to secure both "stable prices" and "maximum employment". The Fed has interpreted this more…

Market Monetarist

29.07.2025

The EU-US Trade Deal: A European Victory Disguised as Defeat | The Market Monetarist

I must say that the commentary surrounding Sunday's so-called trade agreement between the US and EU has been almost universally "Trumpian" in its analysis. Nearly every commentator emphasises that Trump has "won" whilst the EU has capitulated. From Frankfurt to Paris, from Dublin to Copenhagen, the narrative is one of European defeat in the face…

Market Monetarist

02.08.2025

Trump Fires BLS Chief: The Argentinisation of American Data | The Market Monetarist

In my three decades as an economist—including 15 years as Chief Analyst for Emerging Markets at Danske Bank—I've seen some truly bizarre economic episodes. I've watched Argentina default on its debt. I've analysed Turkey's monetary policy madness under Erdoğan. I've observed Venezuela's descent into hyperinflation. But what happened today in the United States might top…

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Economy

The Return of the Bond Vigilantes: Why 5% US Treasury Yields Signal Trouble Ahead | The Market Monetarist

The Forgotten Mandate: How “Moderate Long-term Interest Rates” Exposes the Fed’s Achilles Heel | The Market Monetarist

The EU-US Trade Deal: A European Victory Disguised as Defeat | The Market Monetarist

Trump Fires BLS Chief: The Argentinisation of American Data | The Market Monetarist

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