Refinancing America: A Bond Vigilante’s View

Season 9, Episode 3
This week on the “Know More Risk Better” podcast, Zachary Griffiths, Head of US Investment Grade and Macro Strategy at CreditSights, welcomes Gordon Tsui, Managing Director and Head of Fixed Income at Ping An, for a candid conversation on the intersection of policy, markets, and global capital flows. Drawing on decades of experience across Asian and US institutions, Gordon unpacks the rise of the “bond vigilante” mindset, evaluates the fiscal and monetary policy mix in today’s US market, and explains why Treasury supply and refunding are now as market-moving as FOMC meetings. The discussion spans everything from the mechanics of currency hedging and the impact of tariffs, to the relative attractiveness of US, RMB, and other local currency bonds. Whether you’re a global investor, credit analyst, or policy watcher, don’t miss this expert perspective on the evolving landscape for fixed income as we move through 2025.