Financial repression will intensify and expand with new forms and rules, with governments changing the rules mid-game, and the window for declining bond yields in recession will be much shorter than historically, with 10-year Treasuries likely declining only ~150 basis points for ~6 months before the repressions restart.
forecastpending
Speaker
Felix ZulaufEvidence Quote
“we are entering the next phase of repression, and the repression will intensify, and the repression will bring new forms and new rules, and the government will change the rule in the midst of the game, you know. That's uh that is going to happen. We have to expect that. I'm not sure whether bond yields or interest rates cannot decline in a recession. Um I think the window that is open for declining bond yields will be much shorter. But I could easily see, let's say, uh 10-year Treasuries go from five and a quarter or so, where I see the high, approximately, uh uh to let's say, uh three and three quarters or something like that, 150 basis points. But, I do not believe it will decline for 12 months. It will probably for 6 months and so.”
Created: 8/12/2026, 6:25:56 PM
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