The Great Wall of Liabilities: The Future of Debt in China

August 4, 2025

The team’s series on sovereign debt sustainability continues, this week with a focus on China. Julia Hermann hosts Valentina Chen, Head and Portfolio Manager of the Emerging Market Debt team at MacKay Shields, to discuss how China’s systemic over-leverage influences everything from the country’s economic business model, to the nature and scope of investment opportunities in Chinese credit. 

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The Future of U.S. Sovereign Debt

July 28, 2025

Julia Hermann hosts Steven Friedman, Managing Director and Senior Macroeconomist at MacKay Shields, for a special recording of Market Matters on the 34th floor of the New York Life building in Manhattan. Join Julia and Steve for a deep dive into the sustainability – or lack thereof – of public debt in the United States. Can the U.S. keep up its pace of spending? What does the Big Beautiful Bill mean for the debt trajectory? Are interest payments spiraling out of control? We answer these questions and more on this week’s episode.   


 

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