Some investors are fretting that the massive global buildup of debt since the financial crisis a decade ago can’t be sustained. It can, at least for a bit longer — but only at the risk of a more severe correction in the future. That’s because this particular credit cycle may not be typical. The current expansion is largely policy-driven. Governments ...

Bank of England Governor Mark Carney says investment funds that promise to allow customers to withdraw their money on a daily basis are ”built on a lie.” The chief investment officer of Europe’s biggest independent asset manager agrees with him. “There is no point denying we are faced with a looming liquidity mismatch problem,” says Pascal Blanque, who oversees more ...

As you’ve probably heard, House Democrats have cut a two-year budget deal with Senate Republicans and President Donald Trump to suspend the federal debt ceiling and increase federal spending by $320 billion. The debt ceiling is an arbitrary and possibly counterproductive construct, while the spending increases aren’t all that big if you assume that inflation will continue at about 2 ...