Many investors are familiar with the term "VaR" (value-at-risk), which has become a key metric for gauging portfolio risk among portfolio managers. The general public is likely more familiar with “VAR” as either a savior or a sin in live sports. Where does the Payden Economics Team stand on this important issue?

The U.S. federal government's budget has a significant impact on the global economy, as it determines the level of Treasury debt, which serves as the international reserve asset. We slice the federal budget and examine the factors that truly drive U.S. debt growth.