Monetary policy, central banking, and financial markets by Joseph Wang
Joseph Wang: Increase in Canadian holdings of U.S. bonds may involve China
A rise in Canadian holdings of U.S. bonds may actually be linked to China, according to Joseph Wang, a macro analyst and blogger at Fed Guy. Wang suggests that a key question in the market is how ...
Bond markets see turbulence and Anthropic IPO set for October 2026, Joseph Wang notes
Joseph Wang, macro analyst / blogger at Fed Guy, discusses the major financial events for the week of October 3, 2026. Key topics include instability in the bond market, the evolving spread ...
Joseph Wang: Oil prices continue to drive 10 year yield higher
Joseph Wang, macro analyst / blogger at Fed Guy, observes that oil prices are influencing market rates, especially as the 10 year yield increases in response to headlines pushing oil prices ...
Taiwan GDP rises 11 percent as U.S. growth stays near 2 percent, Joseph Wang notes
Joseph Wang, macro analyst and blogger at Fed Guy, observes that a significant portion of artificial intelligence spending is going overseas. He points out that this trend is contributing to ...
Joseph Wang: Market pricing rate hikes near 5 percent for September 2027 appears unrealistic
Joseph Wang, macro analyst / blogger at Fed Guy, questions the current market pricing of a rate hiking cycle leading to an interest rate of around 5 percent in September 2027. Wang describes this ...
Bond yields climb and political pressure rises, Joseph Wang notes
Joseph Wang, macro analyst / blogger at Fed Guy, examines the factors behind surging bond yields in his Markets Weekly for September 26, 2026. He also highlights negative developments in bonds ...
Joseph Wang: Global rate hikes driven by surge in energy prices
Joseph Wang, macro analyst / blogger at Fed Guy, notes that rising interest rates are a global phenomenon, spurred on by a substantial increase in energy prices. He observes that financial ...
Bond market faces turmoil and buybacks underwhelm, Joseph Wang notes
Joseph Wang, macro analyst and blogger at Fed Guy, highlights major stress in bond markets, disappointing corporate buybacks, and an upcoming hiking cycle in a September 12, 2026 update. The ...
Joseph Wang: Markets now price in nearly four rate hikes after shifting expectations
Joseph Wang, macro analyst / blogger at Fed Guy, observes that the market is not only solidifying its expectation of an interest rate hike in September but is also now pricing in a more aggressive ...
Joseph Wang: Waller may support September rate hike if inflation progress stalls
Joseph Wang, macro analyst and blogger at Fed Guy, notes that Federal Reserve official Christopher Waller has indicated a willingness to support an interest rate hike in September if upcoming ...
Warsh appeared to set up September hike at Jackson Hole, Joseph Wang argues
Joseph Wang, macro analyst / blogger at Fed Guy, suggests that Warsh effectively signaled a likely rate hike for September during his Jackson Hole debut. Wang contends that if Warsh does not ...
Joseph Wang: Fed commitment to PCE target needed for lower rates
Joseph Wang, macro analyst / blogger at Fed Guy, criticized recent suggestions to change the Federal Reserve's inflation index target. Wang stated that reaffirming a commitment to the current ...
U.S. highly reliant on imports with over $1 trillion trade deficit, Joseph Wang notes
Joseph Wang, macro analyst and blogger at Fed Guy, emphasizes the significant reliance of the U.S. on imported goods, extending beyond rare earths to nearly all categories. He highlights that ...
Joseph Wang: Financial repression claim questioned amid high real yields
Joseph Wang, macro analyst / blogger at Fed Guy, comments on efforts by Bessent to suppress yields, suggesting it is unfounded to describe the situation as financial repression while real yields ...
Lending and borrowing supply and receive financial claims, Joseph Wang notes
Joseph Wang, macro analyst and blogger at Fed Guy, explains that lending involves supplying financial claims, while borrowing results in receiving financial claims. According to Wang, these ...
Joseph Wang: Fed mandate on long-term rates raises White House policy questions
Joseph Wang, macro analyst and blogger at Fed Guy, raises the topic of the Federal Reserve’s third mandate—moderating long-term interest rates—and questions whether this falls solely under ...
Government controlled yields with 2.5 percent cap in 1940s, Joseph Wang notes
Joseph Wang, macro analyst and blogger at Fed Guy, highlights the significant influence the U.S. government has historically exercised over interest rates. In particular, Wang points out that in ...
Joseph Wang: AI debt not crowding out U.S. Treasuries as dealer holdings stable
Joseph Wang, macro analyst / blogger at Fed Guy, observes that artificial intelligence-related debt is not crowding out U.S. Treasuries. Wang notes that if this were occurring, dealers would ...
Interest rates driven by government decisions in U.S., Joseph Wang notes
Joseph Wang, macro analyst / blogger at Fed Guy, states that interest rates are a key input within the U.S. economic system. He explains that government actions—including control over ...
Joseph Wang: Treasury has fully used its Exchange Stabilization Fund buying yen
Joseph Wang, macro analyst and blogger at Fed Guy, states that the U.S. Treasury has exhausted all available resources in its Exchange Stabilization Fund by selling euros to buy yen, as these are ...
Fed bill buying affects Treasury coupon supply, Joseph Wang notes
Joseph Wang, macro analyst / blogger at Fed Guy, suggests that Federal Reserve Reserve Management Purchases are not quantitative easing, but increased Fed bill purchases influence how Treasury ...
