The unsettling message for investors from the financial cycle
The next bailout is likely to involve inflationary financing of fiscal deficits by central banks
The next bailout is likely to involve inflationary financing of fiscal deficits by central banks

Combination of record government debt and rising borrowing costs puts central banks under pressure

Rising public debt is one concern — another is how it is being financed

The sector remains untested in a severe or prolonged economic downturn

Executives brace for more challenging period ahead as interest rates fall

A longer war makes long bonds interesting

Optimism and greed complicate the central bank’s decisions during market disruptions