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The Great Liquidity Debate | Michael Howell & Andy Constan
Forward Guidance
The Government's Liquidity in a Financial Crisis
Government typically wants to issue long-term debt. This is the first time that they're above 20% and the curve is historically inverted. There's just no way they can maintain significant bills issuance relative to bonds. In a $500 billion quarterly deficit, they're going to have to issue a lot of bonds.
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