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Julian Brigden: Markets "On A Knife's Edge" After July Fed Meeting
Forward Guidance
The Alternative to Treasury's 20-Year Bonds
On paper, Treasury should be looking at the cheapest way of funding U.S. debt, which would now be issue 20-year bonds. If they push a lot of duration or issue a lot of long-dated bonds into the market, that will tend to drain liquidity out of the system. They can't get bought by money market funds. It's bank reserves that will hit the liquidity in the system. So, I think that liquidity side of the equation is a little tougher, right? How Treasury decides to do with its issuance, which should weigh on liquidity,. Most of the people that- Most of the forecasts suggest that they will have to do some because logic would just dictate that
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