Trump is pushing Powell to reduce rates. But international buyers of US Treasuries want a higher risk premium. Maybe 5 percent may be higher say 10. And if these yields aren't available? Well they'll retreat from Treasuries which will then become overwhelmingly owned by domestic institutions! Banks may end up holding large chunks of low yield bonds. It's happened before could happen again. Unless Trump manages to do a crypto switcher . Now that would be something!!
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