Brij Khurana, Fixed Income Portfolio Manager, Wellington

Khurana sees AI-driven corporate borrowing and wealth-driven inflation reshaping bond markets more than traditional Fed-rate-to-investment channels ever did.

• Monetary policy misses investment: Brij Khurana argues non-residential investment has decoupled from rates since the 2000-01 dot-com bust, so low rates instead fueled financialization—buybacks, private equity, household and government leverage.
• Inflation is wealth-driven, not wage-driven: core CPI ex-shelter has run near 2% for three years; Khurana ties sticky services inflation (restaurants, travel, healthcare) to baby boomers holding 70-75% of assets in equities.

Themes, sentiment and reasons are AI-written paraphrases, checked so they never quote an episode. They may contain errors. Not investment advice. Episodes remain the property of their creators.