"Uncertainty is the enemy of growth"
“You can’t eat spread, or spend spread, or pay pension benefits with spread. For those things, you need returns. Spreads have to be assessed to ensure they’ll be adequate to offset credit losses, but in the end, it’s the total return that matters.”
“Inflation is a monetary phenomenon, but a political problem.”
“What used to be often mentioned in the bond market is the idea of don’t fight the Fed is somewhat evolving into don’t fight the Treasury.”
“You can’t eat spread, or spend spread, or pay pension benefits with spread. For those things, you need returns. Spreads have to be assessed to ensure they’ll be adequate to offset credit losses, but in the end, it’s the total return that matters.”
“Inflation is a monetary phenomenon, but a political problem.”
“What used to be often mentioned in the bond market is the idea of don’t fight the Fed is somewhat evolving into don’t fight the Treasury.”