“You’ve come off a period of 15-plus years of a zero interest-rate policy that has allowed politicians to believe that you can spend money at no cost,” says Patrick McMahon, co-founder and CIO of MKP Capital Management, “And we continue to do that, but now in a tremendously different interest-rate environment.” In this podcast, McMahon is joined by podcast host and Bloomberg Intelligence’s Chief US Rates Strategist Ira Jersey and Associate US Rates Strategist Will Hoffman. The trio discuss the state of the US economy and potential paths forward for monetary policy. They also dive into shifts in global economic conditions and the likelihood of interest-rate correlations breaking down as monetary-policy cycles begin to diverge.