‘I’m afraid of human stupidity’: Why this top economist prefers U.S. tech and gold over bonds

If this commentary catalyzes a broader institutional reassessment of bond allocations and a visible rotation into equities and commodities, it could temporarily steepen yield curves as fixed-income demand softens, though the effect would likely dissipate once the tactical call is priced in.

This remains one voice among many in an ongoing debate about asset allocation; bond markets and equity valuations would continue to be driven by Fed policy, earnings, and inflation expectations rather than shifting materially on the basis of a single economist's public preference.

If skepticism toward government debt spreads among institutional allocators and triggers a meaningful reduction in bond holdings, longer-dated Treasury yields could face upward pressure and credit spreads could widen, particularly if the shift is accompanied by concerns about fiscal sustainability.