Roubini: Tech spending main driver of higher yields

Roubini's framing shifts the yield debate away from deficit or inflation narratives toward a structural capex story, which matters for how markets interpret persistent rate pressure. His dismissal of an AI bubble, paired with a supply-side view of labor slowdown, suggests he sees higher-for-longer rates as a productivity-driven equilibrium, not a policy error. The yen call adds a cross-asset dimension, implying FX adjustments could accompany this real-economy shift. What is worth watching is whether incoming data on tech investment and employment validates his supply-constrained thesis, or if demand-side cracks emerge to challenge it.