Truss
29
MENTIONS
6
EPISODES
6
PODCASTS
Search complete. 29 mentions across 6 episodes found for "Truss".
Sep 29, 2026
MeganHOST
And in any case, higher growth also raises interest rates.
MeganHOST
So what happens next? Among big debtors, only Britain, which faced a market revolt after Liz Truss' disastrous mini-budget in 2022, has a semi-serious plan to tighten.
MeganHOST
Expect more Truss-like moments elsewhere.
MeganHOST
Wise governments will respond with sounder budgeting.
MeganHOST
Loose ones with financial shenanigans.
Kenny CampbellHOST
in this country.
Kenny CampbellHOST
Otherwise, we'd have needed elections for Major Brown, Johnson, Truss.
Kenny CampbellHOST
We'd have needed an election for Sunak about five minutes after the election of Truss, actually.
Kenny CampbellHOST
But there's no reason for Barnum to have to go to the people to get a mandate, is there?
Alex AndreouHOST
No.
Helen ThomasHOST
So if you're gonna be selling more, if you're gonna be issuing out a supply of more bonds than expected, then the price would fall.
Helen ThomasHOST
So th- those things were happening already, uh, before we even got onto a new prime minister that actually, somewhat surprisingly, people hadn't been paying attention to 'cause, uh, Liz Truss's, uh, plan was not something she dreamt up on the morning of the mini budget.
Helen ThomasHOST
I mean, she did said they wanted to be quite revolutionary and she, uh, had wanted to cut taxes.
Helen ThomasHOST
Um, but in any case, that conspired along with- The whales that you were talking about, these, um, LDI funds who had positions that were looking at lower interest rates, not higher.
Helen ThomasHOST
They were, they, the, the water, the tide was already slightly going out on them.
Helen ThomasHOST
They had the wrong position.
Helen ThomasHOST
They were the wrong way round, um, for the world that existed even before, uh, you know, Liz Truss or Kwasi Kwarteng, um, stepped up to speak.
Helen ThomasHOST
So that was, that was kind of where we were at, and then obviously this budget came in, ditched the OBR, which by the way, you know, notice that's only, that's only one little thing I've mentioned.
Meb FaberHOST
It feels like yesterday.
Robin WigglesworthGUEST
Liz Truss moment as like a concept seems to have kind of gone global everywhere except the United States, maybe.
Robin WigglesworthGUEST
But, you know, we'll see what happens there.
Robin WigglesworthGUEST
But yeah, so Liz Truss was a prime minister in England who came in at a time where interest rates and inflation were going up.
Robin WigglesworthGUEST
It's 2022.
Robin WigglesworthGUEST
And the UK has a twin deficit, like both a current account and a budget deficit.
Robin WigglesworthGUEST
But of course, mortgage costs, credit card costs, lots of costs are tied to the guilt yield.
Robin WigglesworthGUEST
So mortgage costs shot out across the UK.
Richard FedrickGUEST
And we've had this before.
Richard FedrickGUEST
We had this, what, three years ago when the, when gilt yields jumped by 250 basis points during the Truss-
David CoxHOST
Well, thanks to the wonders of-
Richard FedrickGUEST
...
Richard FedrickGUEST
Truss
David CoxHOST
...
David CoxHOST
Theresa M- or Liz Truss.
David CoxHOST
That's right
Matthew RyanHOST
We, we're seeing a little bit more, um, of a move that would be sort of more in a, a route territory.
Matthew RyanHOST
Um- Um, the UK in particular seems-- which seems very exposed, not only the ten-year gilt yield here has, has risen to its highest level since two thousand and eight, but the thirty-year yield has risen to its highest level since nineteen ninety-eight and well above Liz Truss levels.
Matthew RyanHOST
Um, obviously not great timing as we, we lead into the autumn budget at the end of next month.
Matthew RyanHOST
We're gonna talk about that no doubt in depth in the next, uh, few episodes.
Matthew RyanHOST
Um, uh, Enrique, what, what do you make of this bond sell-off that we're seeing there? Is, is, is this a concern for investors, um, or has it been slightly more orderly than that?
Enrique Diaz-AlvarezHOST
It's been remarkably orderly.
Enrique Diaz-AlvarezHOST
I think that that's very different from what we saw, for instance, in the Li-- uh, Truss debacle in the UK in two thousand twenty-two.
Enrique Diaz-AlvarezHOST
Um, there has been no air pockets in the moves.