Uncle Jim’s World of Bonds

Love from Jim x

A look at Biden’s awful first Presidential debate with Trump, and his 20% fall in betting markets overnight.

And Australia may be out of the cricket (just enjoying typing that) but its inflation numbers sent bond markets lower yesterday.

And a look at Noah Smith’s views on ‘elite overproduction’.

The ‘boiling frog’ impact of higher rates on credit is starting to be felt, but no big default rise until 2025.

And China leaves rates on hold, despite weak house price news.

But French assets are really struggling, and credit is starting to weaken.

Also: a smorgasbord of other bond market ephemera.

US rate cut now not fully priced until December.

Could mean less demand for traditional EZ sovereign debt, especially as France risks a downgrade from S&P.