DHUnplugged #803: The Thucydides Trap

– Happy Memorial Day

– A WARM DHU welcome to Kevin Warsh – good luck fella, you are going to need it sir.

– The new transient inflation.

– Another BOARD? These guys like to make exclusive clubs…

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Warm-Up - Happy Memorial Day - A WARM DHU welcome to Kevin Warsh - good luck fella, you are going to need it - The new transient inflation - Another BOARD? These guys like to make exclusive clubs...

Markets - Starting to come in a bit..... - Yield curve steepening - potential for a hike over cuts - YIELDS! - Fuels running low - we have the list

OH MY... - The 30-year U.S. Treasury yield has surged to around 5.14%, putting it at its highest level since the run-up to the 2008 financial crisis - Bets are pricing in the increasingly possibility of it reaching 5.5% to 6%, which would mark the highest levels since late 1999 - 30-Year mortgage near 6.35% (average) - DOWN from 6.91% at start of 2026

30-Year Yield

Bored of Boards - The Board of Peace - remember that one? That was established in 2025 with 15+ countries that pitched in $1 billion for permanent seat - Indefinitely chaired by President Trump, the governing board is a mix of U.S. officials and prominent American businessmen. - So much for the peace part of that.... - Now we hear about the Board of Investment ---The US and China are discussing a mechanism for fast-tracking some Chinese investment deals and a reduction in tariffs on non-critical goods. - Treasury Secretary Scott Bessent mentioned a "Board of Investment" that will be responsible for investment in non-sensitive areas. - The idea of the "Board of Invest