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28min chapter
Fed's Stealth Liquidity Is Fueling A Stock Market Rally | Michael Howell
On The Margin
US Treasury's Announcement and Debt Supply Concerns
This chapter analyzes the surprising announcement made by the US Treasury during the quarterly refinancing announcement, highlighting the increase in bill issuance and the rundown of the reverse repo facility. The implications for the market, the dynamics between refunding amounts and money market funds' preference for bills, and the consequences of increased debt supply are discussed. The chapter also explores the potential for the Federal Reserve to increase treasury purchases to close the gap, leading to renewed quantitative support.
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