DISCUSSION
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CLIP
Governments are increasingly funding themselves through short-term debt issuance, and that shift may matter far more for markets than most investors realize. In this video, Pascal explains why Treasury bills can act almost like cash, why bill issuance may support liquidity and risk assets, and why this is not yet an automatic doom signal. He also breaks down why the trend is not just happening in the United States, but across many OECD countries, including Japan. The key idea: markets may still have more liquidity support than the doom narratives suggest, but investors need to watch when the bill issuance strategy starts to hit its limits.
OCED Paper mentioned: https://www.oecd.org/en/publications/global-debt-report-2026_e9d80efd-en/full-report/sovereign-borrowing-outlook_4470147b.html
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