How Inflation and Fiscal Policy Are Driving US Treasury Markets
About this episode
Mike Mitchell discusses the impact of inflation and fiscal policy on US Treasury markets ahead of the Federal Reserve's rate decision.
With a month to go until the Federal Reserve’s next rate decision, inflation is increasingly in focus for the US bond market, says Mike Mitchell, head of US Treasury and Inflation Trading in Goldman Sachs Global Banking & Markets. He explains why recent inflation data suggests the Fed could continue to hold rates steady in September, and how Treasury market supply, corporate credit issuance, and fiscal policy concerns are keeping pressure on longer-maturity Treasuries. This episode was recorded on August 12, 2026. The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment, legal, or tax advice, a recommendation from any Goldman Sachs entity to take any particular action or be used as a basis for any other investment decision, or an offer or solicitation to purchase or sell any securities or financial products. Any forward-looking statements, case studies, computations or examples set forth herein are for illustrative purposes only. Past…
Topics covered
- inflation
- US Treasury markets
- fiscal policy
- bond market
- interest rates
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