The Bond Market is Seeing Other People

For centuries, governments have counted on the bond market to finance whatever they could not—or would not—pay for with taxes. The bond market might complain. It might issue warnings about inflation, deficits and fiscal discipline. But eventually the bond market would yield. It’s still making noise about inflation, deficits, rising oil prices, and central bankers threatening to raise rates. But now a new borrower in the market for money has caught its eye.It needs approximately all of it. And is willing to pay. Artificial intelligence.