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3min chapter
Michael Howell: "QE Is Coming Back, Big Time"
Forward Guidance
The Treasury's Plan to Reduce Bond Market Volatility
What you've got now in the US, what you have in the Eurozone and what you are going to get more and more worldwide is a yield curve control. So what you're getting in terms of the US market is consider these statements. The first one is that the Treasury is talking about bond buybacks. Now hold that thought because bond volatility is key to liquidity creation. More bond volatility will increase the size of the haircut that credit providers give on collateral. Most of that is US dollar based, that'd be sales as a side. But actually more particularly, the attraction of a treasury bill is they can target the money funds. They'll specifically look at issuing three months and six months
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