In normal circumstances, the antics of America’s corporate treasurers should not worry Washington politicians. After all, corporate treasurers are like the supply chain managers of the financial world: decent, unassuming people, who prefer to stay out of the limelight, performing the crucial-but-dull role of handling company finances.
But these days, the world is not “normal”; on the contrary , five long years after the financial crisis first erupted, capital markets remain dysfunctional and Western economies sluggish, at best. So if Washington policy makers want to understand why the US bond markets are behaving so strangely – or the world feels so gloomy ahead of the 2012 presidential election – they should take a closer look at those treasury folk.
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