Rowan argues the 30% market overhang from geopolitics, inflation, and technology was foreseeable and predictable.
“I think the 30% overhang of geopolitics, inflation, technological change is now here. It was foreseeable, not maybe exactly how it occurred, but it was foreseeable. It was predictable.”
Rowan says governments are borrowing record amounts while fracturing labor and goods flows through immigration and tariff policies.
“We have governments around the world who are borrowing record amounts of money. We are, for maybe good and valid reasons, fractionalizing our labor supply through immigration reform.”
Rowan observes yield curve steepening with ten-year rates rising despite short rate cuts.
“Depreciating our currency has the tendency to be inflationary. And what we're seeing is a steepening of the yield curve. Rates that matter, the ten year, are higher even if short rates are lower.”
Rowan argues governments are borrowing record amounts while fragmenting labor and goods flows through immigration and tariff policies.
“We have governments around the world who are borrowing record amounts of money. We are, for maybe good and valid reasons, fractionalizing our labor supply through immigration reform.”