The Cheap Money Era Is Coming to an End
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The next decade will be the Great Refinancing. A massive wall of debt hits its end date soon, and it gets replaced at a price nobody gets to choose. About a third of the developed world's fixed-rate debt reaches its due date by 2027, and it gets refinanced about 2 percentage points higher than it was before. Which means roughly 1 in every 3 dollars of fixed-rate borrowing across the developed world gets repriced inside the next two years.
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