This is the overriding factor, which is normally the case in markets. It is no surprise that markets are rallying like it’s QE, because this is QE! The Treasury General Account (TGA) has been run-off to the tune of c$500bn over the last few months driven by the U.S. hitting the debt ceiling. When this happens, the country is unable to raise enough debt to fund itself. There is no alternative other than to raid the petty cash (TGA). With no net debt issuance and money flowing into the economy from the TGA, this is effectively just like QE and provides stimulus to the market.
The ongoing increase in Greenhouse Gas emissions from human activities since the industrial revolution is a major contributor to climate change and rising global temperatures; average global temperatures have risen by 1.2°C according to The National Centre for Atmospheric Science, 2025. There is a strong global consensus that urgent and extensive action is needed, both to limit future warming and to adapt to a changing world to reduce the impact of climate change.
Among the current investment opportunities, private equity infrastructure stands out as a compelling option for investors seeking stable, long-term returns. Rodolphe Brumm sheds light on the intricacies and promise of this private assets segment.