In this month’s report, October Surprises, RGFO Chief Investment Officer Jimmy Chang reflected on the shifting investment environment in the face of escalating geopolitical tension, greater governance issues, and the return of the so-called bond vigilantes. He recounted how the U.S. federal government’s finances have evolved over the last 30 years to the current state that has raised alarm among investors. As Fed Chair Powell observed recently, “The path we’re on is unsustainable, and we’ll have to get off that path sooner rather than later.”
