--- title: Macro Roundup of Macroeconomic News - Edward Conard description: Ed Conard’s research staff scours the universe of economic-related articles, academic papers, and blogs to highlight daily macroeconomic news worth noting. --- [![logo EC](https://macro-roundup.edwardconard.com/hs-fs/hubfs/logo-EC.png?width=526&height=100&name=logo-EC.png "logo EC")](https://www.edwardconard.com/) “Unintended Consequences is full of substance, it is one of the must-read books of the year, and once I finish it I will be giving it a second read through right away.” *- Tyler Cowen, Professor, George Mason University* [![nyt-best-seller-black](https://macro-roundup.edwardconard.com/hs-fs/hubfs/nyt-best-seller-black.png?width=180&height=46&name=nyt-best-seller-black.png "nyt-best-seller-black")](http://edwardconard.com) [Buy the books](https://www.edwardconard.com/buy-the-books/) [![book-1_402x588](https://macro-roundup.edwardconard.com/hs-fs/hubfs/book-1_402x588.webp?width=172&height=251&name=book-1_402x588.webp)](https://www.edwardconard.com/buy-the-books/) [![Books](https://macro-roundup.edwardconard.com/hs-fs/hubfs/book-3_402x588.webp?width=172&height=251&name=book-3_402x588.webp)](https://www.edwardconard.com/buy-the-books/) [![Books](https://macro-roundup.edwardconard.com/hs-fs/hubfs/book-2_402x588.webp?width=172&height=251&name=book-2_402x588.webp)](https://www.edwardconard.com/buy-the-books/) - [Macro Roundup](https://www.edwardconard.com/macro-roundup/) - [About Roundup](https://www.edwardconard.com/2023/09/12/about-the-macro-roundup/) - [About Ed Conard](https://www.edwardconard.com/about/) - [Highlights](https://www.edwardconard.com/blog/) - [Topics](https://www.edwardconard.com/macro-roundup/topics/) [Follow us on Twitter](https://twitter.com/EdwardConard) [Follow us on Facebook](https://www.facebook.com/EdwardConard) [Follow us on Instagram](https://www.youtube.com/channel/UCSM2HXHgTVBWe64oUv1NfAg/videos) [Follow us on LinkedIn](https://www.linkedin.com/in/edwardconard/) This is a search field with an auto-suggest feature attached. - There are no suggestions because the search field is empty. Advanced Search [![Logo](https://macro-roundup.edwardconard.com/hs-fs/hubfs/device=mobile.png?width=250&height=40&name=device=mobile.png "Logo")](http://edwardconard.com) # Macro Roundup [DAILY](https://macro-roundup.edwardconard.com/macro-roundup) [WEEKLY](https://macro-roundup.edwardconard.com/macro-roundup/tag/weekly) [DATABASE](https://macro-roundup.edwardconard.com/macro-roundup/tag/database) [Subscribe to Macro Roundup emails](https://www.edwardconard.com/macro-roundup-subscribe/) September 25, 2023 [![](https://macro-roundup.edwardconard.com/hs-fs/hubfs/Outlagging%20the%20Rest-1.jpg?width=500&name=Outlagging%20the%20Rest-1.jpg)](https://macro-roundup.edwardconard.com/hubfs/Outlagging%20the%20Rest-1.jpg) ### Beautiful Objects Edward Conrad Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum. ## Lorem Ipsum ## Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum. [Read Post](https://macro-roundup.edwardconard.com/macro-roundup/beautiful-objects) September 13, 2023 [![Outlagging the Rest](https://macro-roundup.edwardconard.com/hs-fs/hubfs/Outlagging%20the%20Rest-1.jpg?width=500&name=Outlagging%20the%20Rest-1.jpg)](https://macro-roundup.edwardconard.com/hubfs/Outlagging%20the%20Rest-1.jpg) ### Outlagging the Rest [Read Post](https://macro-roundup.edwardconard.com/macro-roundup/outlagging-the-rest) September 13, 2023 [![post-images-alt-text](https://macro-roundup.edwardconard.com/hs-fs/hubfs/CBO.webp?width=500&name=CBO.webp)](https://macro-roundup.edwardconard.com/hubfs/CBO.webp) ### Monthly Budget Review: August 2023 [Read Post](https://macro-roundup.edwardconard.com/macro-roundup/monthly-budget-review-august-2023) September 12, 2023 [![Is The Fiscal Picture Getting Better Or Worse. Yes.](https://macro-roundup.edwardconard.com/hs-fs/hubfs/Interest-Payments-Relative-To-GDP.jpg?width=500&name=Interest-Payments-Relative-To-GDP.jpg)](https://macro-roundup.edwardconard.com/hubfs/Interest-Payments-Relative-To-GDP.jpg) ### [Is The Fiscal Picture Getting Better Or Worse. Yes.](https://www.nytimes.com/2023/09/08/opinion/taxes-deficit-inflation-gdp.html) Paul Krugman Krugman Wonks Out .@paulkrugman acknowledges that “we’re going to keep running deficits bigger than even fiscal doves like myself would like.” He advocates raising taxes on the rich and middle class. Testing Content [Read Post](https://macro-roundup.edwardconard.com/macro-roundup/is-the-fiscal-picture-getting-better-or-worse.-yes) September 5, 2023 [![](https://macro-roundup.edwardconard.com/hs-fs/hubfs/maturing-debt.webp?width=500&name=maturing-debt.webp)](https://macro-roundup.edwardconard.com/hubfs/maturing-debt.webp) ### [Rates Are Up. We’re Just Starting to Feel the Heat (Clone) (Clone)](https://www.wsj.com/personal-finance/interest-rates-investing-mortgage-banks-real-estate-debt-ca87c251?mod=hp_lead_pos1) Greg Ip, Joe Pinsker, Will Parker, Walden Siew, et al. Wall Street Journal American firms have $600 billion in debt maturing this year. Between 2025 and 2028 over $1 trillion of corporate debt matures each year. U.S. companies have $600 billion in corporate debt set to mature this year, a total that will grow to more than $1 trillion a year from 2025 until 2028. That stark data from Goldman Sachs points to a financial cliff that is coming for American corporations, which executives are trying to navigate by extending the dates their debts come due, refinancing borrowings or managing cash reserves. What’s at stake? The debt loads, coupled with the rising costs of new financing for companies, may cut into corporate profits, investor returns, spending on new ideas, hiring—and could lead to less-healthy balance sheets. Some analysts say there could be a swath of corporate credit-rating downgrades ahead. [Read Post](https://macro-roundup.edwardconard.com/macro-roundup/rates-are-up.-were-just-starting-to-feel-the-heat-0-0) September 5, 2023 [![](https://macro-roundup.edwardconard.com/hs-fs/hubfs/ratio-of-US-Treasury-securities-outstanding-to-primary-dealer-assets%20(1).webp?width=500&name=ratio-of-US-Treasury-securities-outstanding-to-primary-dealer-assets%20(1).webp)](https://macro-roundup.edwardconard.com/hubfs/ratio-of-US-Treasury-securities-outstanding-to-primary-dealer-assets%20(1).webp) ### [Resilience Redux in the US Treasury Market (Clone) (Clone)](https://www.kansascityfed.org/Jackson%20Hole/documents/9726/JH_Paper_Duffie.pdf) Darrell Duffie Federal Reserve Bank of Kansas City Since 2007, the ratio of Treasuries outstanding to primary dealer assets has increased by a factor of four. @DuffieDarrell argues that this will drive increasing illiquidity in the Treasury market. The total amount of Treasuries outstanding will continue to grow rapidly relative to the intermediation capacity of the market because of large and persistent US fiscal deficits and the limited flexibility of dealer balance sheets, unless there are significant improvements in market structure. Broad central clearing and all-to-all trade have the potential to add importantly to market capacity and resilience. Additional improvements in intermediation capacity can likely be achieved with real-time post-trade transaction reporting and improvements in the form of capital regulation, especially the Supplementary Leverage Ratio. Backstopping the liquidity of this market with transparent official-sector purchase programs will further buttress market resilience. [Read Post](https://macro-roundup.edwardconard.com/macro-roundup/resilience-redux-in-the-us-treasury-market-0-0) September 5, 2023 [![](https://macro-roundup.edwardconard.com/hs-fs/hubfs/ratio-of-US-Treasury-securities-outstanding-to-primary-dealer-assets%20(1).webp?width=500&name=ratio-of-US-Treasury-securities-outstanding-to-primary-dealer-assets%20(1).webp)](https://macro-roundup.edwardconard.com/hubfs/ratio-of-US-Treasury-securities-outstanding-to-primary-dealer-assets%20(1).webp) ### [Resilience Redux in the US Treasury Market (Clone)](https://www.kansascityfed.org/Jackson%20Hole/documents/9726/JH_Paper_Duffie.pdf) Darrell Duffie Federal Reserve Bank of Kansas City Since 2007, the ratio of Treasuries outstanding to primary dealer assets has increased by a factor of four. @DuffieDarrell argues that this will drive increasing illiquidity in the Treasury market. The total amount of Treasuries outstanding will continue to grow rapidly relative to the intermediation capacity of the market because of large and persistent US fiscal deficits and the limited flexibility of dealer balance sheets, unless there are significant improvements in market structure. Broad central clearing and all-to-all trade have the potential to add importantly to market capacity and resilience. Additional improvements in intermediation capacity can likely be achieved with real-time post-trade transaction reporting and improvements in the form of capital regulation, especially the Supplementary Leverage Ratio. Backstopping the liquidity of this market with transparent official-sector purchase programs will further buttress market resilience. [Read Post](https://macro-roundup.edwardconard.com/macro-roundup/resilience-redux-in-the-us-treasury-market-0) September 5, 2023 [![](https://macro-roundup.edwardconard.com/hs-fs/hubfs/maturing-debt.webp?width=500&name=maturing-debt.webp)](https://macro-roundup.edwardconard.com/hubfs/maturing-debt.webp) ### [Rates Are Up. We’re Just Starting to Feel the Heat (Clone)](https://www.wsj.com/personal-finance/interest-rates-investing-mortgage-banks-real-estate-debt-ca87c251?mod=hp_lead_pos1) Greg Ip, Joe Pinsker, Will Parker, Walden Siew, et al. Wall Street Journal American firms have $600 billion in debt maturing this year. Between 2025 and 2028 over $1 trillion of corporate debt matures each year. U.S. companies have $600 billion in corporate debt set to mature this year, a total that will grow to more than $1 trillion a year from 2025 until 2028. That stark data from Goldman Sachs points to a financial cliff that is coming for American corporations, which executives are trying to navigate by extending the dates their debts come due, refinancing borrowings or managing cash reserves. What’s at stake? The debt loads, coupled with the rising costs of new financing for companies, may cut into corporate profits, investor returns, spending on new ideas, hiring—and could lead to less-healthy balance sheets. Some analysts say there could be a swath of corporate credit-rating downgrades ahead. [Read Post](https://macro-roundup.edwardconard.com/macro-roundup/rates-are-up.-were-just-starting-to-feel-the-heat-0) September 5, 2023 [![](https://macro-roundup.edwardconard.com/hs-fs/hubfs/Jobs-Friday.webp?width=500&name=Jobs-Friday.webp)](https://macro-roundup.edwardconard.com/hubfs/Jobs-Friday.webp) ### [Furman On Jobs Report (Clone)](https://twitter.com/jasonfurman/status/1697592852677583355) Jason Furman @jasonfurman .@jasonfurman believes today’s job report is consistent with “continued moderation in inflation” and doesn’t believe the Fed needs to hike another 25bps in September. Overall both household and payroll employment are 1.5mm higher than CBO's pre-pandemic projections. It doesn't feel that long ago that people were talking about missing workers (talking about it for longer than was justified by the data I might add). Pretty much the only thing that went in the direction of tighter was average weekly hours ticked up but this series is noisy because of rounding and measurement issues. As a result, aggregate hours grew strongly as well. Average hourly earnings growth was the slowest in over a year and a half. This is noisy, subject to revision, but even adjusting for that perhaps the biggest sign of cooling in this report. Related: [Has the Fed Tightened Enough? Guideposts to Consider](https://www.edwardconard.com/macro-roundup/noting-high-nominal-wage-growth-bridgewater-argues-that-inflation-is-likely-leveling-out-at-its-current-rate-which-implies-downside-risk-to-asset-prices/) and  [Auto Union Boss Wants 46% Raise, 32-Hour Work Week in ‘War’ Against Detroit Carmakers](https://www.edwardconard.com/macro-roundup/the-uaw-is-making-demands-of-the-big-three-that-would-cost-an-additional-80-billion-over-the-course-of-the-contract-bloomberg-notes-total-hourly-pay-and-benefits-expenses-would-rise-from-about-64-n/) and [Unions’ Inflation Warning?](https://www.edwardconard.com/macro-roundup/ethanywu-at-ft-shares-blackrock-analysis-forecasting-declining-american-labor-force-participation-rates-driven-by-aging-this-implies-that-economic-activity-will-need-to-run-at-a-lower-lev/) [Read Post](https://macro-roundup.edwardconard.com/macro-roundup/furman-on-jobs-report-0) September 5, 2023 [![](https://macro-roundup.edwardconard.com/hs-fs/hubfs/Jobs-Friday.webp?width=500&name=Jobs-Friday.webp)](https://macro-roundup.edwardconard.com/hubfs/Jobs-Friday.webp) ### [Furman On Jobs Report](https://twitter.com/jasonfurman/status/1697592852677583355) Jason Furman @jasonfurman .@jasonfurman believes today’s job report is consistent with “continued moderation in inflation” and doesn’t believe the Fed needs to hike another 25bps in September. Overall both household and payroll employment are 1.5mm higher than CBO's pre-pandemic projections. It doesn't feel that long ago that people were talking about missing workers (talking about it for longer than was justified by the data I might add). Pretty much the only thing that went in the direction of tighter was average weekly hours ticked up but this series is noisy because of rounding and measurement issues. As a result, aggregate hours grew strongly as well. Average hourly earnings growth was the slowest in over a year and a half. This is noisy, subject to revision, but even adjusting for that perhaps the biggest sign of cooling in this report. Related: [Has the Fed Tightened Enough? Guideposts to Consider](https://www.edwardconard.com/macro-roundup/noting-high-nominal-wage-growth-bridgewater-argues-that-inflation-is-likely-leveling-out-at-its-current-rate-which-implies-downside-risk-to-asset-prices/) and  [Auto Union Boss Wants 46% Raise, 32-Hour Work Week in ‘War’ Against Detroit Carmakers](https://www.edwardconard.com/macro-roundup/the-uaw-is-making-demands-of-the-big-three-that-would-cost-an-additional-80-billion-over-the-course-of-the-contract-bloomberg-notes-total-hourly-pay-and-benefits-expenses-would-rise-from-about-64-n/) and [Unions’ Inflation Warning?](https://www.edwardconard.com/macro-roundup/ethanywu-at-ft-shares-blackrock-analysis-forecasting-declining-american-labor-force-participation-rates-driven-by-aging-this-implies-that-economic-activity-will-need-to-run-at-a-lower-lev/) [Read Post](https://macro-roundup.edwardconard.com/macro-roundup/furman-on-jobs-report) September 5, 2023 [![](https://macro-roundup.edwardconard.com/hs-fs/hubfs/maturing-debt.webp?width=500&name=maturing-debt.webp)](https://macro-roundup.edwardconard.com/hubfs/maturing-debt.webp) ### [Rates Are Up. We’re Just Starting to Feel the Heat](https://www.wsj.com/personal-finance/interest-rates-investing-mortgage-banks-real-estate-debt-ca87c251?mod=hp_lead_pos1) Greg Ip, Joe Pinsker, Will Parker, Walden Siew, et al. Wall Street Journal American firms have $600 billion in debt maturing this year. Between 2025 and 2028 over $1 trillion of corporate debt matures each year. U.S. companies have $600 billion in corporate debt set to mature this year, a total that will grow to more than $1 trillion a year from 2025 until 2028. That stark data from Goldman Sachs points to a financial cliff that is coming for American corporations, which executives are trying to navigate by extending the dates their debts come due, refinancing borrowings or managing cash reserves. What’s at stake? The debt loads, coupled with the rising costs of new financing for companies, may cut into corporate profits, investor returns, spending on new ideas, hiring—and could lead to less-healthy balance sheets. Some analysts say there could be a swath of corporate credit-rating downgrades ahead. [Read Post](https://macro-roundup.edwardconard.com/macro-roundup/rates-are-up.-were-just-starting-to-feel-the-heat) September 4, 2023 [![](https://macro-roundup.edwardconard.com/hs-fs/hubfs/ratio-of-US-Treasury-securities-outstanding-to-primary-dealer-assets%20(1).webp?width=500&name=ratio-of-US-Treasury-securities-outstanding-to-primary-dealer-assets%20(1).webp)](https://macro-roundup.edwardconard.com/hubfs/ratio-of-US-Treasury-securities-outstanding-to-primary-dealer-assets%20(1).webp) ### [Resilience Redux in the US Treasury Market](https://www.kansascityfed.org/Jackson%20Hole/documents/9726/JH_Paper_Duffie.pdf) Darrell Duffie Federal Reserve Bank of Kansas City Since 2007, the ratio of Treasuries outstanding to primary dealer assets has increased by a factor of four. @DuffieDarrell argues that this will drive increasing illiquidity in the Treasury market. The total amount of Treasuries outstanding will continue to grow rapidly relative to the intermediation capacity of the market because of large and persistent US fiscal deficits and the limited flexibility of dealer balance sheets, unless there are significant improvements in market structure. Broad central clearing and all-to-all trade have the potential to add importantly to market capacity and resilience. Additional improvements in intermediation capacity can likely be achieved with real-time post-trade transaction reporting and improvements in the form of capital regulation, especially the Supplementary Leverage Ratio. Backstopping the liquidity of this market with transparent official-sector purchase programs will further buttress market resilience. [Read Post](https://macro-roundup.edwardconard.com/macro-roundup/resilience-redux-in-the-us-treasury-market) August 25, 2023 [![The U.S. Is Turning Away From Its Biggest Scientific Partner at a PrecariousThe U.S. Is Turning Away From Its Biggest Scientific Partner at a Precarious](https://macro-roundup.edwardconard.com/hs-fs/hubfs/Imported_Blog_Media/ratio-of-US-Treasury-securities-outstanding-to-primary-dealer-assets%20(1)-Sep-05-2023-11-49-25-8246-PM.webp?width=500&name=ratio-of-US-Treasury-securities-outstanding-to-primary-dealer-assets%20(1)-Sep-05-2023-11-49-25-8246-PM.webp)](https://macro-roundup.edwardconard.com/hubfs/Imported_Blog_Media/ratio-of-US-Treasury-securities-outstanding-to-primary-dealer-assets%20(1)-Sep-05-2023-11-49-25-8246-PM.webp) ### The U.S. Is Turning Away From Its Biggest Scientific Partner at a PrecariousThe U.S. Is... [Read Post](https://macro-roundup.edwardconard.com/macro-roundup/articles/the-u-s-is-turning-away-from-its-biggest-scientific-partner-at-a-precarious-time-9fb9adaa) August 19, 2023 [![](https://macro-roundup.edwardconard.com/hs-fs/hubfs/Imported_Blog_Media/ratio-of-US-Treasury-securities-outstanding-to-primary-dealer-assets%20(1)-Sep-05-2023-11-49-25-8246-PM.webp?width=500&name=ratio-of-US-Treasury-securities-outstanding-to-primary-dealer-assets%20(1)-Sep-05-2023-11-49-25-8246-PM.webp)](https://macro-roundup.edwardconard.com/hubfs/Imported_Blog_Media/ratio-of-US-Treasury-securities-outstanding-to-primary-dealer-assets%20(1)-Sep-05-2023-11-49-25-8246-PM.webp) ### Have Rising Mortgage Rates Frozen the Housing Market? [Read Post](https://macro-roundup.edwardconard.com/macro-roundup/p/have-rising-mortgage-rates-frozen) August 18, 2023 [![](https://macro-roundup.edwardconard.com/hs-fs/hubfs/Imported_Blog_Media/ratio-of-US-Treasury-securities-outstanding-to-primary-dealer-assets%20(1)-Sep-05-2023-11-49-25-8246-PM.webp?width=500&name=ratio-of-US-Treasury-securities-outstanding-to-primary-dealer-assets%20(1)-Sep-05-2023-11-49-25-8246-PM.webp)](https://macro-roundup.edwardconard.com/hubfs/Imported_Blog_Media/ratio-of-US-Treasury-securities-outstanding-to-primary-dealer-assets%20(1)-Sep-05-2023-11-49-25-8246-PM.webp) ### The Economics of Public Investment Crowding in Private Investment [Read Post](https://macro-roundup.edwardconard.com/macro-roundup/briefing-room/blog/2023/08/16/the-economics-of-public-investment-crowding-in-private-investment) August 18, 2023 [![](https://macro-roundup.edwardconard.com/hs-fs/hubfs/Imported_Blog_Media/ratio-of-US-Treasury-securities-outstanding-to-primary-dealer-assets%20(1)-Sep-05-2023-11-49-25-8246-PM.webp?width=500&name=ratio-of-US-Treasury-securities-outstanding-to-primary-dealer-assets%20(1)-Sep-05-2023-11-49-25-8246-PM.webp)](https://macro-roundup.edwardconard.com/hubfs/Imported_Blog_Media/ratio-of-US-Treasury-securities-outstanding-to-primary-dealer-assets%20(1)-Sep-05-2023-11-49-25-8246-PM.webp) ### Huawei Building Secret Network for Chips, Trade Group Warns [Read Post](https://macro-roundup.edwardconard.com/macro-roundup/news/articles/2023-08-23/huawei-building-secret-chip-plants-in-china-to-bypass-us-sanctions-group-warns) August 13, 2023 [![](https://macro-roundup.edwardconard.com/hs-fs/hubfs/Imported_Blog_Media/ratio-of-US-Treasury-securities-outstanding-to-primary-dealer-assets%20(1)-Sep-05-2023-11-49-25-8246-PM.webp?width=500&name=ratio-of-US-Treasury-securities-outstanding-to-primary-dealer-assets%20(1)-Sep-05-2023-11-49-25-8246-PM.webp)](https://macro-roundup.edwardconard.com/hubfs/Imported_Blog_Media/ratio-of-US-Treasury-securities-outstanding-to-primary-dealer-assets%20(1)-Sep-05-2023-11-49-25-8246-PM.webp) ### The "New Normal" Mortgage Rate Range [Read Post](https://macro-roundup.edwardconard.com/macro-roundup/p/the-new-normal-mortgage-rate-range) August 11, 2023 [![](https://macro-roundup.edwardconard.com/hs-fs/hubfs/Imported_Blog_Media/ratio-of-US-Treasury-securities-outstanding-to-primary-dealer-assets%20(1)-Sep-05-2023-11-49-25-8246-PM.webp?width=500&name=ratio-of-US-Treasury-securities-outstanding-to-primary-dealer-assets%20(1)-Sep-05-2023-11-49-25-8246-PM.webp)](https://macro-roundup.edwardconard.com/hubfs/Imported_Blog_Media/ratio-of-US-Treasury-securities-outstanding-to-primary-dealer-assets%20(1)-Sep-05-2023-11-49-25-8246-PM.webp) ### More Americans Are Ending Up Homeless—at a Record Rate [Read Post](https://macro-roundup.edwardconard.com/macro-roundup/articles/homelessness-increasing-united-states-housing-costs-e1990ac7) August 9, 2023 [![](https://macro-roundup.edwardconard.com/hs-fs/hubfs/Imported_Blog_Media/ratio-of-US-Treasury-securities-outstanding-to-primary-dealer-assets%20(1)-Sep-05-2023-11-49-25-8246-PM.webp?width=500&name=ratio-of-US-Treasury-securities-outstanding-to-primary-dealer-assets%20(1)-Sep-05-2023-11-49-25-8246-PM.webp)](https://macro-roundup.edwardconard.com/hubfs/Imported_Blog_Media/ratio-of-US-Treasury-securities-outstanding-to-primary-dealer-assets%20(1)-Sep-05-2023-11-49-25-8246-PM.webp) ### Rates Are Up. We’re Just Starting to Feel the Heat [Read Post](https://macro-roundup.edwardconard.com/macro-roundup/personal-finance/interest-rates-investing-mortgage-banks-real-estate-debt-ca87c251) August 8, 2023 [![](https://macro-roundup.edwardconard.com/hs-fs/hubfs/Imported_Blog_Media/ratio-of-US-Treasury-securities-outstanding-to-primary-dealer-assets%20(1)-Sep-05-2023-11-49-25-8246-PM.webp?width=500&name=ratio-of-US-Treasury-securities-outstanding-to-primary-dealer-assets%20(1)-Sep-05-2023-11-49-25-8246-PM.webp)](https://macro-roundup.edwardconard.com/hubfs/Imported_Blog_Media/ratio-of-US-Treasury-securities-outstanding-to-primary-dealer-assets%20(1)-Sep-05-2023-11-49-25-8246-PM.webp) ### Fiscal Dominance and the Return of Zero-Interest Bank Reserve Requirements [Read Post](https://macro-roundup.edwardconard.com/macro-roundup/files/htdocs/publications/review/2023/06/02/fiscal-dominance-and-the-return-of-zero-interest-bank-reserve-requirements.pdf) July 22, 2023 [![](https://macro-roundup.edwardconard.com/hs-fs/hubfs/Imported_Blog_Media/ratio-of-US-Treasury-securities-outstanding-to-primary-dealer-assets%20(1)-Sep-05-2023-11-49-25-8246-PM.webp?width=500&name=ratio-of-US-Treasury-securities-outstanding-to-primary-dealer-assets%20(1)-Sep-05-2023-11-49-25-8246-PM.webp)](https://macro-roundup.edwardconard.com/hubfs/Imported_Blog_Media/ratio-of-US-Treasury-securities-outstanding-to-primary-dealer-assets%20(1)-Sep-05-2023-11-49-25-8246-PM.webp) ### U.S. Deficit Explodes Even As Economy Grows [Read Post](https://macro-roundup.edwardconard.com/macro-roundup/business/2023/09/03/us-debt-deficit-rises-interest-rate) July 21, 2023 [![](https://macro-roundup.edwardconard.com/hs-fs/hubfs/Imported_Blog_Media/ratio-of-US-Treasury-securities-outstanding-to-primary-dealer-assets%20(1)-Sep-05-2023-11-49-25-8246-PM.webp?width=500&name=ratio-of-US-Treasury-securities-outstanding-to-primary-dealer-assets%20(1)-Sep-05-2023-11-49-25-8246-PM.webp)](https://macro-roundup.edwardconard.com/hubfs/Imported_Blog_Media/ratio-of-US-Treasury-securities-outstanding-to-primary-dealer-assets%20(1)-Sep-05-2023-11-49-25-8246-PM.webp) ### Run It Cold: Why Xi Jinping Is Letting China’s Economy Flail [Read Post](https://macro-roundup.edwardconard.com/macro-roundup/news/features/2023-08-20/xi-jinping-is-running-china-s-economy-cold-on-purpose) July 19, 2023 [![](https://macro-roundup.edwardconard.com/hs-fs/hubfs/Imported_Blog_Media/ratio-of-US-Treasury-securities-outstanding-to-primary-dealer-assets%20(1)-Sep-05-2023-11-49-25-8246-PM.webp?width=500&name=ratio-of-US-Treasury-securities-outstanding-to-primary-dealer-assets%20(1)-Sep-05-2023-11-49-25-8246-PM.webp)](https://macro-roundup.edwardconard.com/hubfs/Imported_Blog_Media/ratio-of-US-Treasury-securities-outstanding-to-primary-dealer-assets%20(1)-Sep-05-2023-11-49-25-8246-PM.webp) ### Summers Sees 10-Year Yields Averaging 4.75% in Coming Decade [Read Post](https://macro-roundup.edwardconard.com/macro-roundup/news/articles/2023-08-16/summers-says-10-year-yields-could-average-4-75-in-coming-decade) July 19, 2023 [![](https://macro-roundup.edwardconard.com/hs-fs/hubfs/Imported_Blog_Media/ratio-of-US-Treasury-securities-outstanding-to-primary-dealer-assets%20(1)-Sep-05-2023-11-49-25-8246-PM.webp?width=500&name=ratio-of-US-Treasury-securities-outstanding-to-primary-dealer-assets%20(1)-Sep-05-2023-11-49-25-8246-PM.webp)](https://macro-roundup.edwardconard.com/hubfs/Imported_Blog_Media/ratio-of-US-Treasury-securities-outstanding-to-primary-dealer-assets%20(1)-Sep-05-2023-11-49-25-8246-PM.webp) ### Chinese Developer Evergrande Files for US Bankruptcy Protection [Read Post](https://macro-roundup.edwardconard.com/macro-roundup/content/0ca833a8-df28-4e28-b313-611c5bb2e500) July 17, 2023 [![](https://macro-roundup.edwardconard.com/hs-fs/hubfs/Imported_Blog_Media/ratio-of-US-Treasury-securities-outstanding-to-primary-dealer-assets%20(1)-Sep-05-2023-11-49-25-8246-PM.webp?width=500&name=ratio-of-US-Treasury-securities-outstanding-to-primary-dealer-assets%20(1)-Sep-05-2023-11-49-25-8246-PM.webp)](https://macro-roundup.edwardconard.com/hubfs/Imported_Blog_Media/ratio-of-US-Treasury-securities-outstanding-to-primary-dealer-assets%20(1)-Sep-05-2023-11-49-25-8246-PM.webp) ### Long Term Expectations and Aggregate Fluctuations [Read Post](https://macro-roundup.edwardconard.com/macro-roundup/papers/w31578) July 15, 2023 [![](https://macro-roundup.edwardconard.com/hs-fs/hubfs/Imported_Blog_Media/ratio-of-US-Treasury-securities-outstanding-to-primary-dealer-assets%20(1)-Sep-05-2023-11-49-25-8246-PM.webp?width=500&name=ratio-of-US-Treasury-securities-outstanding-to-primary-dealer-assets%20(1)-Sep-05-2023-11-49-25-8246-PM.webp)](https://macro-roundup.edwardconard.com/hubfs/Imported_Blog_Media/ratio-of-US-Treasury-securities-outstanding-to-primary-dealer-assets%20(1)-Sep-05-2023-11-49-25-8246-PM.webp) ### Why Is US Inflation Falling? [Read Post](https://macro-roundup.edwardconard.com/macro-roundup/commentary/declining-us-inflation-low-unemployment-economic-models-by-jason-furman-2023-08) July 6, 2023 [![](https://macro-roundup.edwardconard.com/hs-fs/hubfs/Imported_Blog_Media/ratio-of-US-Treasury-securities-outstanding-to-primary-dealer-assets%20(1)-Sep-05-2023-11-49-25-8246-PM.webp?width=500&name=ratio-of-US-Treasury-securities-outstanding-to-primary-dealer-assets%20(1)-Sep-05-2023-11-49-25-8246-PM.webp)](https://macro-roundup.edwardconard.com/hubfs/Imported_Blog_Media/ratio-of-US-Treasury-securities-outstanding-to-primary-dealer-assets%20(1)-Sep-05-2023-11-49-25-8246-PM.webp) ### Saudi Forces Accused of Killing Hundreds of Ethiopian Migrants [Read Post](https://macro-roundup.edwardconard.com/macro-roundup/content/c7cddce9-8a6c-47a3-a012-f86a632b393a) July 3, 2023 [![](https://macro-roundup.edwardconard.com/hs-fs/hubfs/Imported_Blog_Media/ratio-of-US-Treasury-securities-outstanding-to-primary-dealer-assets%20(1)-Sep-05-2023-11-49-25-8246-PM.webp?width=500&name=ratio-of-US-Treasury-securities-outstanding-to-primary-dealer-assets%20(1)-Sep-05-2023-11-49-25-8246-PM.webp)](https://macro-roundup.edwardconard.com/hubfs/Imported_Blog_Media/ratio-of-US-Treasury-securities-outstanding-to-primary-dealer-assets%20(1)-Sep-05-2023-11-49-25-8246-PM.webp) ### The US Capital Glut and Other Myths [Read Post](https://macro-roundup.edwardconard.com/macro-roundup/wp-content/uploads/2023/08/the-us-capital-glut-and-other-myths-8-31-23.pdf) July 2, 2023 [![](https://macro-roundup.edwardconard.com/hs-fs/hubfs/Imported_Blog_Media/ratio-of-US-Treasury-securities-outstanding-to-primary-dealer-assets%20(1)-Sep-05-2023-11-49-25-8246-PM.webp?width=500&name=ratio-of-US-Treasury-securities-outstanding-to-primary-dealer-assets%20(1)-Sep-05-2023-11-49-25-8246-PM.webp)](https://macro-roundup.edwardconard.com/hubfs/Imported_Blog_Media/ratio-of-US-Treasury-securities-outstanding-to-primary-dealer-assets%20(1)-Sep-05-2023-11-49-25-8246-PM.webp) ### Interest Rates Hit 16-Year Record [Read Post](https://macro-roundup.edwardconard.com/macro-roundup/blogs/interest-rates-hit-16-year-record) June 21, 2023 [![](https://macro-roundup.edwardconard.com/hs-fs/hubfs/Imported_Blog_Media/ratio-of-US-Treasury-securities-outstanding-to-primary-dealer-assets%20(1)-Sep-05-2023-11-49-25-8246-PM.webp?width=500&name=ratio-of-US-Treasury-securities-outstanding-to-primary-dealer-assets%20(1)-Sep-05-2023-11-49-25-8246-PM.webp)](https://macro-roundup.edwardconard.com/hubfs/Imported_Blog_Media/ratio-of-US-Treasury-securities-outstanding-to-primary-dealer-assets%20(1)-Sep-05-2023-11-49-25-8246-PM.webp) ### AI Isn’t Good Enough [Read Post](https://macro-roundup.edwardconard.com/macro-roundup/p/ai-isnt-good-enough) June 17, 2023 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