James Sullivan
ON THE RECORD · 6 verbatim quotes · every quote source-verified
“paying your mortgage with your credit card”
James Sullivan · said 2026-08-21 · reported 2026-08-25
Sullivan compared the Treasury's plan to issue shorter-term bonds to fund a buyback of longer-term bonds to paying a mortgage with a credit card.
“can work for a while, but eventually the mismatch starts to become more obvious.”
James Sullivan · said 2026-08-21 · reported 2026-08-25
Sullivan warned on CNBC's Squawk Box that the Treasury's strategy can work temporarily but that the mismatch eventually becomes obvious.
“The only way you balance supply and demand is through price,”
James Sullivan · said 2026-08-21 · reported 2026-08-21
Sullivan noted that increased bond supply may require issuers to offer investors more attractive yields.
“It's a little bit like paying your mortgage with your credit card. It can work for a while, but eventually the mismatch starts to become more obvious,”
James Sullivan · said 2026-08-21 · reported 2026-08-21
Sullivan compared the Treasury's debt management approach to refinancing longer-term obligations with shorter-term borrowing.
“Governments trying to control markets is not a particularly attractive story most of the time.”
James Sullivan · said 2026-08-21 · reported 2026-08-21
Sullivan expressed concern about government intervention in bond markets amid a mounting wall of debt.
“The asset allocation decision becomes significantly more complex going forward as we see these environments play out,”
James Sullivan · said 2026-08-21 · reported 2026-08-21
Sullivan commented on how higher bond yields complicate asset allocation decisions between stocks and bonds.