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The Great Liquidity Debate | Michael Howell & Andy Constan
Forward Guidance
The Treasury's Job Isn't the Federal Reserve
The US Treasury is planning next year to actually buyback what would be stale issues at various tenors and replace those. In bond parlance, they'll be buying off the run and replacing those with on the run treasuries. That particular process will expand market liquidity as opposed to fundingLiquidity but there may be some follow through on the funding side too. The question is how does that get done without explicit involvement of Federal Reserve?
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