
23 September 2026 · 20 min
Government bonds set the base price of money. When their yields move, mortgages, company borrowing and the cost of rolling over the national debt move with them.
Felix Nikolas Prehn follows the bond markets of the United States, Japan and Europe, the refinancing problem facing their treasuries, and the tools governments reach for when the market stops cooperating.
By Felix Nikolas Prehn, economist and former investment banker

23 September 2026 · 20 min

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