Robin Brooks: US yields are rising on debt issuance at 7.5% of GDP, not a yen carry trade unwind

Economist Robin Brooks says blaming the yen carry trade for rising US yields is wrong: yields are rising because US debt issuance is running at 7.5% of GDP in the 12 months through June, which he calls fiscal policy "out of control." Japan's portfolio flows into long-term US debt do not explain the move, he says.

Detected & updated continuously · Source: Nebula