The Financial Post reports in its Tuesday, Sept. 2, edition that there is a growing sense that the macroeconomic landscape is shifting. The Post's Martin Pelletier writes that there are three converging forces that could destabilize U.S. and global financial markets. First, the U.S. deficit is running unchecked at 6 to 8 per cent of GDP, leading to increased issuance of short-term debt. This strategy comes with rollover risks, pushing long-term yields higher as investors seek compensation for inflation and uncertainty. Second, Federal Reserve independence is under threat from President Donald Trump, potentially affecting rate decisions and its credibility. This shift could lead to increased market volatility as the Fed's commitment to price stability is questioned. Third, there is a risk of a shift toward Modern Monetary Theory (MMT), where the Fed directly monetizes deficits by buying Treasuries to cap yields and support fiscal expansion. Yield curve control may return, and interest rates could be kept artificially low to ease debt servicing and sustain government spending. While this might seem pragmatic short-term, history warns against merging fiscal and monetary policy under a centralized authority.