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But we saved everything 🙂.
Alan Reynolds challenges the comparison made by Greg Ip, who, citing Ben Chabot, suggests that the rise in U.S. 10-year Treasury yields might resemble a bank run, with bondholders rushing to exit due to concerns over future fiscal strains.
Reynolds argues this perspective is too provincial and underscores the fact that the bond market operates on a global scale.
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Reynolds has previously highlighted structural factors shaping U.S. fiscal conditions. In a recent analysis, he argued that federal revenues as a share of GDP have changed little since 1975. He cautioned that focusing on tax receipts alone can create a misleading view of overall revenue trends.