The Four Pillars of Macro with Andy Constan
Excess Returns
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Is That Really How the Treasury Gets Through COVID?
Senate Secretary of the Treasury Mnuchin built up the TGA to well over a trillion dollars. That was essentially at the expense of investors because to build it up, you had to issue bonds. Now that war chest ended up getting spent by the Democrats, but at the time it was very impactful on the way assets behaved in 2020.
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