Since the beginning of the year global bond markets shed $20 trillion in value.
- Last week, BoE had to intervene in the gilt market to bail out mortgage debtors and retirement funds.
- PBoC is getting ready to support the yuan.
- The global havoc in debt and currency markets is caused by the fiercest monetary policy tightening in 5 decades.
- Such episodes usually end in debt crises. 2023 will spell either relief, or a recurrency of history.
- Higher interest rates and stronger dollar in 2023 could upend the 20 year old borrowing binge.
- Not only EM, but everyone with flexible interest debt is in jeopardy.
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