In "The Ascent of Money," Niall Ferguson emphasizes the rising demand for fixed income securities, particularly in financial environments marked by low inflation. Investors increasingly seek options that preserve the purchasing power of their interest earnings, making fixed income investments appealing as they offer stability amidst economic uncertainties.

Moreover, with a growing number of individuals exiting the workforce, the persistent deficits in the public sector contribute to a steady supply of new bonds in the market. This continual influx ensures that the bond market remains robust and accessible to investors seeking reliable income streams.