The global sovereign bond market is fracturing, and its ramifications for asset prices cannot be overstated. Borrowing costs around this debt-disabled world are now surging. The long-awaited reality check for those that believed they could borrow and print with impunity has arrived. From the U.S., to Europe and across Asia, February witnessed the biggest surge in borrowing costs in years.
Thursday, February 25, 2021, was the worst 7-year Note Treasury auction in history. According to Reuters, the auction for $62 billion of 7-year notes by the U.S. Treasury witnessed demand that was the weakest ever, with a bid-to-cover ratio of 2.04, the lowest on record. Yields on the Benchmark Treasury yield surged by 26 bps at the high to reach a year high of 1.61% intra-day–before settling at 1.53% at the close of trading.
The global sovereign bond market is fracturing, and its ramifications for asset prices cannot be overstated. Borrowing costs around this debt-disabled world are now surging. The long-awaited reality check for .03/10/2021 19:37:34PM EST.
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As a new, saner administration sets up shop in Washington, D.C., there are plenty of policy initiatives this country desperately needs. Beyond a national plan for the COVID-19 pandemic, progressives will strive to focus the administration s attention on challenges like fixing the broken health care system, grappling with systemic racial inequities, and a just transition from fossil fuels to renewables.
These are all critically important issues. But here s the rub: Even if the Democratic administration were resoundingly successful on all fronts, its initiatives would still be utterly insufficient to resolve the existential threat of climate breakdown and the devastation of our planet s life-support systems. That s because the multiple problems confronting us right now are symptoms of an even more profound problem: The underlying structure of a global economic and political system that is driving civilization toward a precipice.