T-Bill Buyers Around World Rush To Show Respect For Presumptive President Trump

It’s been a remarkable stampede today as America’s creditors around the world compete to see who can offer to take the biggest haircuts on Treasuries. Presumptive Trump seems to have implied that 10 or 15% would show sufficient respect, but some “very large, very beautiful” bondholders have declared themselves eager to go beyond that and accept negative interest rates of 3% or more on short-term notes. It all goes to show Trump’s powers of persuasion are far more powerful than reason or logic.

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