Uploaded August 2026 | Updated September 2026, 3 weeks ago
The yield on 30-year U.S. Treasury bonds has been spiking lately, at one point reaching its highest level in some two decades. That means that the government is paying more to borrow—as government debt officially passed the $40 trillion mark this week. Adam and Cameron discuss.
Also on the show: Adam returns from the Venice Biennale.
0:00 What's driving bond market turbulence?
8:08 Politics of bond market intervention
20:03 The Treasury vs The Fed
32:23 The world's biggest art show
38:26 Art beyond national borders
52:12 The city of Venice
Foreign Policy economics columnist Adam Tooze, a history professor and a popular author, is encyclopedic about basically everything: from the COVID shutdown, to climate change, to pasta sauce. On FP’s hit podcast, Tooze and FP deputy editor Cameron Abadi look at two data points each week that explain the world: one drawn from the week’s headlines and the other from just about anywhere else Tooze takes us.
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Listen to more episodes of Ones and Tooze:
foreignpolicy.com/podcasts/ones-and-tooze podcasts.apple.com/us/podcast/ones-and-tooze/id1584397047 open.spotify.com/show/44pekawcpIJ7KgwcFIgZDr
Follow Ones and Tooze:
X - https://x.com/OnesandToozePod
Follow Adam - https://x.com/adam_tooze
Follow Cam - https://x.com/CameronAbadi
Subscribe to all of Foreign Policy’s podcasts at foreignpolicy.com/podcasts or wherever you get your podcasts
Visit foreignpolicy.com to read the latest global news and analysis from FP.
Follow Foreign Policy:
X - twitter.com/ForeignPolicy
Instagram - instagram.com/foreignpolicymag
Facebook - facebook.com/foreign.policy.magazine
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The yield on 30-year U.S. Treasury bonds has been spiking lately, at one point reaching its highest level in some two decades. That means that the government is paying more to borrow—as government debt officially passed the $40 trillion mark this week. Adam and Cameron discuss.
Also on the show: Adam returns from the Venice Biennale.
0:00 What's driving bond market turbulence?
8:08 Politics of bond market intervention
20:03 The Treasury vs The Fed
32:23 The world's biggest art show
38:26 Art beyond national borders
52:12 The city of Venice
Foreign Policy economics columnist Adam Tooze, a history professor and a popular author, is encyclopedic about basically everything: from the COVID shutdown, to climate change, to pasta sauce. On FP’s hit podcast, Tooze and FP deputy editor Cameron Abadi look at two data points each week that explain the world: one drawn from the week’s headlines and the other from just about anywhere else Tooze takes us.
----------
Listen to more episodes of Ones and Tooze:
foreignpolicy.com/podcasts/ones-and-tooze podcasts.apple.com/us/podcast/ones-and-tooze/id1584397047 open.spotify.com/show/44pekawcpIJ7KgwcFIgZDr
Follow Ones and Tooze:
X - https://x.com/OnesandToozePod
Follow Adam - https://x.com/adam_tooze
Follow Cam - https://x.com/CameronAbadi
Subscribe to all of Foreign Policy’s podcasts at foreignpolicy.com/podcasts or wherever you get your podcasts
Visit foreignpolicy.com to read the latest global news and analysis from FP.
Follow Foreign Policy:
X - twitter.com/ForeignPolicy
Instagram - instagram.com/foreignpolicymag
Facebook - facebook.com/foreign.policy.magazine
LinkedIn - linkedin.com/company/foreign-policy-magazine
TikTok - tiktok.com/@foreignpolicymagazine
