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Learn more at city.com slash we are city. You're listening to Money Talks on Economist radio, our weekly podcast on the markets,

the economy and the world of business. I'm Patrick Lane and today

on election day in America we're looking at perhaps the most important asset

market in the world the market for American treasuries. Whatever the results of

today's election, its future hangs in the balance. You've basically seen a

shrinking down of the capacity of the system at the same time as you've seen a big

increase in the number of treasuries and also participants that are

interested in trading them. If Joe Biden becomes president his choice of

Treasury Secretary will reveal his priorities.

We size up the front runners.

There's a real desire to have a different sort of face at the head of the Treasury.

It's a position that's always been occupied by a white man and

usually a white man with a career on Wall Street. And increasingly acrimonious

partisanship in America has cost many people friends. But what about the cost to America Inc.

bankers probably aren't deliberately penalising firms, but their lack of faith in a president's

ability to steer the economy in the right direction can nevertheless hurt

...