New York | Greater stability in US Treasuries is needed for the smooth functioning of other segments of the financial market, housing and the economy more broadly, both in the US and beyond.
Such stability is unlikely to be anchored anytime soon by either clarity about economic prospects or an abundance of volatility-repressing financial flows. What is needed is a policy anchor that, at this stage, must necessarily have a significant monetary policy component.
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Bloomberg Opinion
Mohamed A. El-Erian, is president of Queens’ College at the University of Cambridge and a professor at the Wharton School of the University of Pennsylvania
