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The era of deleveraging is far from over, and the U.S. continues to face challenges that can only be resolved through cooperation among the nation’s elected officials.
Beginning next year, collective action clauses (CACs) will become mandatory for sovereign bonds issued by European countries under U.K. law.
To borrow a phrase from the vernacular of American football, central bankers have taken the ball about as far down the gridiron as they can.
An uncertainty that cannot be measured is a true form of risk.