James Sullivan
ON THE RECORD · 6 verbatim quotes · every quote source-verified
“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.
“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.
“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.
“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.