Borrowing on borrowed time: The limits of Treasury engineering - Portfolio Adviser
Borrowing on borrowed time: The limits of Treasury engineering - Portfolio Adviser
Source: Portfolio Adviser
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DW NOTE
The standing context shows oil supply down 4% globally and the Strait of Hormuz still effectively closed — yet WTI has fallen 27% from its yearly peak. Either the market believes the constraint is temporary theater, or it's pricing in a demand collapse severe enough to offset a 4.3 million barrel daily supply cut. Neither interpretation suggests Treasury engineering has much runway left when the fiscal deficit is already running 3% ahead of last year.