Shall We Repeal the Laws of Economics – Part III
For wealth professionals, the memo addresses how policymakers are approaching long-dated government bond yields and the underlying drivers of higher interest rates. It offers a framework for thinking about policy attempts to manage yields rather than address their causes.
Summary
By the markets & outlook deskHoward Marks discusses recent attempts to rein in long-dated government bond yields in the latest installment of his memo series. He argues that the only sustainable solution is to respond to the underlying factors pushing interest rates up, even when that is politically uncomfortable. Other approaches, in his view, amount to trying to override the laws of economics, which he says never works.
- Marks discusses recent attempts to rein in long-dated government bond yields.
- He says the only sustainable solution is responding to the underlying factors pushing interest rates up.
- He acknowledges that doing so may be politically uncomfortable.
- He argues that other methods represent an attempt to override the laws of economics, which never works.
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