En alternativ forklaring på rentestigningerne. Det skyldes et kinesiske storudsalg af obligationer pga af de nye stramme kreditvilkår i Kina.
TheMoneyIllusion » Murder by the Orient Economies?
A couple days after I wrote this post (but before posting it) I started to have second thoughts. Lars Christensen sent me the following by email:
This is not the doing of Bernanke. This in my view is nearly 100% driven by tighter Chinese monetary conditions – and the spike in US yields is driven by a flow story. There is a sharp rise in money demand in China, which is causing Chinese investors to sell everything to get liquidity – including US Treasuries. That is causing US bond yields to spike and it is also causing the collapse in inflation expectations in the US (and everywhere else).