Patience is Beautiful

June 02, 2023

My patience paid off, and two days later, I showed up before opening time at their other Tokyo location. ForeignersAs I have written about a few times this year, there are many reasons why foreigners have turned into net sellers of US Treasury debt (UST). Given the maturity profile of the total US debt stock, we know that actual money interest expense can only mathematically rise. But if raising interest rates is actually increasing the money supply, then it follows that raising interest rates actually increases inflation. As the US Treasury rolls maturing debt and issues new debt, the net effect will be more debt outstanding yielding higher interest rates.

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