A respected critique of “activist” Treasury issuance turns out to be one half of a larger story — and the other half is who’s left to buy the debt.
I spent 30 yrs in the bond market and I still think Central Banking is indistinguishable from Central Planning.
Add to this another important component of demand - The Fed….Kevin Warsh is anti QE and will change the approach of the Fed when crisis hits…..the Fed balance sheet will not be there with the same ease as in the last few Fed chairs…
I spent 30 yrs in the bond market and I still think Central Banking is indistinguishable from Central Planning.
Add to this another important component of demand - The Fed….Kevin Warsh is anti QE and will change the approach of the Fed when crisis hits…..the Fed balance sheet will not be there with the same ease as in the last few Fed chairs…