Peter Grandich rejoins the show with thoughts on geoeconomic events.
The PBoC shifted policy recently, selling $315 billion in US Treasurys from their $3.65 trillion reserve in support of the ailing Yuan currency and equities.
Clearly one of the wisest of the global central banks has lost faith in the Fed, ahead of the first US benchmark rate hike since 2006, nearly 10 years.
Higher rates dilutes the intrinsic value of existing US Treasuries, as newer issues offer greater expected return.
Our guest views the event as emblematic of a global crisis of confidence in centralized economic planning.
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