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Loss of trust

Apr 24, 2023

‘In God we trust’ it states on the rear of the one USD note. Well, investors appear to loose some of their trust in the USD. The spread of the 3 months T-bill against the 1 month is shooting up above 1.5%. Investors are indeed worried about renewed trouble brewing over the coming months in the political clash over the US debt ceiling, the limit imposed by Congress on the Treasury’s total borrowing. This all happens in a context of on-going ‘de-dollarization’, Fed tightening and Sino-US tensions that could affect global trade. A long list for investors and businesses to worry about as we fully dive into the Q1 earnings season.

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