Sin City tourism and data center discourse

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Kimberly Adams (0:54)

What's behind the latest spike in bond yields and a check-in on the Vegas economy?

From Marketplace in Washington, I'm Kimberly Adams. We saw another round of spikes in treasury bond yields this morning as markets reacted to new, stronger than expected manufacturing data and comments from multiple federal reserve governors that more interest rate hikes are likely needed to help cool inflation. I asked Diane Swank, chief economist at the audit tax and advisory firm KPMG, for more details on what's behind this latest surge in yields.

Diane Swank (1:26)

What we're seeing is the return of what most people call the bond vigilantes. And what that means is we've got a flood of debt hitting the overall financial markets at a time when investors are now requiring compensation for not only inflation, but for lending longer terms of period of time. The idea that they might not get repaid back on that debt at some point in time, it's called the term premia. And that has come back into the market as well as compensation for inflation. They don't want to be paid back in dollars that buy less.

Kimberly Adams (2:01)

I keep seeing comparisons that we haven't seen bond yields like this since 2004 or 2007 What's different then versus now?

Diane Swank (2:10)

Well, back then what we had was the, it was right before the global financial crisis. The earlier, the 2010s itself was that period of struggling to recover out of the subprime housing crisis. What was known as the Great Recession, because it was so close to a depression. During that period, inflation never even got up to the Fed's 2% target, and we had near zero rates, even though economically negative rates were justified, and you saw that in some countries around the world. That's a very different environment, but it is our most familiar time.

Kimberly Adams (2:48)

Diane Swank is chief economist at KPMG. Thank you, Diane.

Diane Swank (2:52)

Thank you.

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Kimberly Adams (4:42)

Now, let's take the Marketplace Economic Pulse, our series where we get views of the economy from a range of perspectives. And starting today, those check-ins are going to come from public media reporters from across the country, sharing the big economic stories in their communities and states. Our first guest is Yvette Fernandez, a reporter for the Mountain West News Bureau and Nevada Public Radio. She's reported on immigration crackdowns, tourism slumps in Las Vegas, and the politics of data centers in Nevada, and how all those stories affect the state economy. Good morning, Yvette.