Mike Bird(@Birdyword):Agreed. You can never write anything off for certain but: 1. Unrealised losses / assets for banks are half what they were at the 2022/23 nadir 2. Convexity! If price is what you care about, a move from 4% to (imagine) 7% just doesn't matter as much as the move from 1% to 4% did

Mike Bird

@Birdyword

Wall Street editor @TheEconomist. Money Talks podcast co-host. Into markets, history and economics. Author of THE LAND TRAP.

参加 April 2010

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Mike Bird@Birdyword

2026.09.25 01:17

Agreed. You can never write anything off for certain but: 1. Unrealised losses / assets for banks are half what they were at the 2022/23 nadir 2. Convexity! If price is what you care about, a move from 4% to (imagine) 7% just doesn't matter as much as the move from 1% to 4% did