Longer, Higher for Longer
Minor Issues
- Published
- December 13, 2025
- Summary source
- description
- Last updated
- Apr 26, 2026
Discusses Mark Thornton argues that interest is a core price that coordinates time, investment, and growth, an…
Summary
Mark Thornton argues that interest is a core price that coordinates time, investment, and growth, and that the Federal Reserve has turned it into an administered number. Mark warns the long-run trend may be turning: bigger states and debts, weaker anti-inflation ideology, and aging populations imply longer, higher for longer. What are the implications? Ke…
Show notes
Mark Thornton argues that interest is a core price that coordinates time, investment, and growth, and that the Federal Reserve has turned it into an administered number. Mark warns the long-run trend may be turning: bigger states and debts, weaker anti-inflation ideology, and aging populations imply longer, higher for longer. What are the implications? Keep that 2% Covid-era mortgage, expect poor long-bond returns and lower real equity performance, and look for commodities to fare relatively bet