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npub1j9rz...jkn8
npub1j9rz...jkn8
Paging Dr. @npub1s05p...eyhe "AI = bullish bonds if... U-rate rises allowing productivity (trend = 1.5%) up, unit labor costs down (trend), and inflation falls AI = bearish if... AI causes equity bubble (= higher yields), higher oil prices given energy needs, forces governments to combat AI unemployment via higher deficits/Fed to support deficits via QE/YCC (US dollar negative); most bond investors believe best to navigate via yield curve steepeners"