Some good charts this week from JPM’s Cembalest:
“Many US and global companies termed out their fixed rate debt and have the lowest interest expense to cash flow in decades. Some may not feel a material impact from rising interest rates until 2030.” (con’t)
If the year ended today, it would be the worst in history for the US Bond Market with a loss of 10.2%.
Entering the year, the 2.9% decline for bonds in 1994 was the largest ever.
In January 2020, there was $4.02 trillion in circulation in the USA.
By November 2021, that number had spiked to $20.35 trillion.
Since January 2020, the Federal Reserve has printed nearly 80% of all US dollars in existence.
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