Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Asian Hedge Fund manager based in HK/SG with over 20 years of experience managing Asian Long/Short Equity funds. Macroeconomic top-down analysis generates thematic investments that are further researched from the bottom-up. Research is supplemented with advanced technical analysis. 
Previous experience includes M&A with Morgan Stanley and CPA with Deloitte in NYC. Wharton MBA.

US TREASURIES: Where Bonds Go, Stocks Will Follow!!

JAPAN & US YEN SUPPORT: Speak Loudly and Carry a Small Stick

US Policy: SACRIFICING THE DOLLAR ON THE ALTAR OF TREASURIES

The US Supports the Yen and Gold Rallies: CONNECTING THE DOTS

CHARTING COURSE: Yuan's Internationalization, Japan's Bond & Currency Woes

Macroeconomics

<ul>
<li>On August 19th, Secretary Bessent implemented the most significant intervention in the US long-end bond market in decades by doubling off-schedule buybacks in 10-to-30-year sector to at least $4 billion.</li>
<li>This approach compresses long-end yields by reducing duration supply rather than relying on outright Federal Reserve purchases. However, as Japan's experience shows, it also entails significant long-term consequences.</li>
<li>The United States faces a trilemma: it cannot simultaneously suppress long-end yields, maintain dollar credibility, and control inflation.  The current administration is prioritizing yield management over the other objectives.</li>
</ul>


On August 19th, Secretary Bessent implemented the most significant intervention in the US long-end bond market in decades by doubling off-schedule buybacks in 10-to-30-year sector to at least $4 billion.
This approach compresses long-end yields by reducing duration supply rather than relying on outright Federal Reserve purchases. However, as Japan's experience shows, it also entails significant long-term consequences.
The United States faces a trilemma: it cannot simultaneously suppress long-end yields, maintain dollar credibility, and control inflation.  The current administration is prioritizing yield management over the other objectives.


US Treasuries: Panic Creeps In as Bessent Starts Dancing!!