Moody's assessment is right.
No other major developed economy is under pressure to grow its GDP by nearly 5% simply to service its debt.
None.
This is a central pillar of the bearish case for the US dollar.
FX is a relative game and the urgency for rate cuts in the US is… pic.twitter.com/53XMF3p6f8
— Otavio (Tavi) Costa (@TaviCosta) May 19, 2025
Upward pressure on US government bond yields is highly destabilizing for the global economy, because it spills over into higher interest rates for everyone else. That's an especially acute problem for the Euro zone, where this will increase pressure on the ECB to cap yields… pic.twitter.com/LbRkqjlcs7
— Robin Brooks (@robin_j_brooks) May 19, 2025
Investors are piling into gold funds like never before:
Gold funds have posted a record $85 BILLION in net inflows year-to-date.
This is more than DOUBLE the full-year record seen in 2020.
At this pace, net inflows will surpass $180 billion by the end of 2025.
Gold is now the… pic.twitter.com/Lno4Axk5iV
— The Kobeissi Letter (@KobeissiLetter) May 19, 2025
Panic now, avoid the rush. https://t.co/MqngMW36ny
— Frank Giustra (@Frank_Giustra) May 19, 2025