Oh, and the other part of the rise in borrowing rates is the inflation premium and the associated rise in the expected funds rate, in case anyone was wondering:
The article reports, without naming names, that some “big Wall Street banks” shut down electronic quotes for Treasury prices. I suspect they did not trust that they could match trades at the quoted price, creating a potential loss for the ...
The strongest version of this narrative ties financial instability to geopolitical strain, framing both as symptoms of systemic mismanagement. The financial analysis is grounded in observable data—rising term premiums, Treasury illiquidity, and slowing mortgage applications—while the military claims, though sourced from an opinion piece, align with broader concerns about U.S. defense industrial capacity. The piece effectively steelmans its argument by linking economic and security risks, suggest...