Michael Mackenzie

Stay informed with Michael Mackenzie’s coverage and analysis for Fortune.

U.S. Treasury Secretary Scott Bessent listens during a Cabinet meeting at the White House on April 10, 2025 in Washington, DC. U.S.

Treasury market’s ‘new world order’ brings fear of the long bond

By Michael Mackenzie and Bloomberg

The bond market’s Trump trade is looking like a recession trade

By Michael Mackenzie, Liz Capo McCormick, and others

people at a job fair

Bond traders buckle up for ‘no landing’ after jobs surprise

By Ye Xie, Michael Mackenzie, and others

Charging Bull sculpture

A super-sized Fed rate cut is becoming a more popular bet

By Michael Mackenzie, Edward Bolingbroke, and others

Donald Trump holds finger to his forehead

Financial markets are pricing in more inflation under another Trump presidency—and bond yields are surging

By Carter Johnson, Michael Mackenzie, and others

Richard Clarida, global economic advisor of Pacific Investment Management Co. (Pimco), during a Bloomberg Television interview in London, UK, on Thursday, Sept. 14, 2023. The Federal Reserve will be inclined to deliver a “hawkish pause” for their next interest rate decision, Clarida said. Photographer: Betty Laura Zapata/Bloomberg via Getty Images

Fed hikes still in play amid stubborn inflation and strong economy, warns Pimco’s global economic adviser

By Michael Mackenzie and Bloomberg

Traders work after the closing bell at the New York Stock Exchange (NYSE) on August 7, 2019 in New York City. – Wall Street stocks finished little changed on August 7, 2019, following a choppy session as a plunge in treasury bond yields early in the day underscored worries about a weakening global economy. (Photo by Johannes EISELE / AFP) (Photo by JOHANNES EISELE/AFP via Getty Images)

An economic warning sign that preceded two past recessions is flashing ominously red again

By Ye Xie, Michael Mackenzie, and others

Bond trader

‘The world’s safest asset’ is anything but as geopolitical risk grips the multitrillion-dollar Treasury market: ‘It’s going to be a rough ride, so buckle up’

By Liz Capo McCormick, Michael Mackenzie, and others

Larry Fink, chief executive officer of Blackrock Inc., at the Berlin Global Dialogue in Berlin, Germany, on Friday, Sept. 29, 2023. The forum runs until Friday, Sept. 29. Photographer: Krisztian Bocsi/Bloomberg via Getty Images

Wall Street giant Larry Fink sees 10-year Treasury yield at 5% or higher ‘because of this embedded inflation. This structural inflation is unlike anything’

By Alice Gledhill, Michael Mackenzie, and others