Ex-OCC chief Michael Hsu on the impact of an America-first agenda

The US Treasury markets have played a critical role in providing a ‘risk-free’ benchmark rate and ‘safe’ investment asset. But cracks are appearing. How do you see the robustness – or otherwise – of the US Treasury market?

This is top of mind for everybody. Macro-prudential, financial stability nerds like me, tend to think in terms of vulnerabilities and shocks. There are some significant vulnerabilities in the Treasury market that have been building for some time. The supply of Treasuries is