Council of Councils
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Introduction
Over the last several decades, governments have collectively pledged to slow global warming. But despite intensified diplomacy, the world is already facing the consequences of climate…
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January 13, 2009
Emerging Markets
The fall in the US trade deficit in November
I’ll be unusually brief. I have been working through the latest data on China -- and, well, it is hard to top Calculated Risk. The fall in the US trade deficit today was easy to anticipate. …
February 26, 2009
Monetary Policy
Who bought all the Treasuries the US issued in 2008? And who will be the big buyers in 2009?
And just how important is China -- clearly now the largest single holder of Treasury bonds -- to the market? Both questions matter more than ever -- to the market, and to the US government. …
November 12, 2008
Monetary Policy
China’s fiscal stimulus doesn’t necessarily mean that it will stop buying Treasuries
I tend to be a bit better at spotting risks than opportunities. I have long worried that China might conclude that it is no longer in its interest to continue to buy ever larger quantities of Trea…
December 10, 2007
China
The search for China’s missing foreign assets …
Yesterday I noted the remarkable slowdown in China’s reserve growth over the last few months. Chinese reserve growth over the last three months – after adjusting for estimated valuation gains -- …
May 27, 2009
Monetary Policy
The Treasury market, in a world no longer dominated by central bank reserve managers
In case you haven’t heard, the Treasury market – and the mortgage market -- had a bad day. Ten-year Treasury yields are back at their November 2008 levels (long-term Treasury yields didn’t fall imm…
