UK LONG-END DEBACLE IS JUST THE BEGINNING

The 'tourist looks at where the debt has been tacked on this cycle

A few months ago, I had made the argument that the consumer’s balance sheet was in good shape, and that the American economy would surprise to the upside even in the wake of higher rates. However, I underestimated Powell’s determination to bring inflation back to target sooner rather than later. The recent pace of tightening has eclipsed campaigns of th…