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The Debt Ceiling Approaches | Joseph Wang & Dominique Dwor-Frecaut
Forward Guidance
The Magical Extraordinary Measures to Lower Non Marketable Debt
Both types of debt are subjected to the debt limit. One type is called marketable debt that we can buy and institutional investors have in their portfolio. And then they issue something else called non-marketable debt, which does not fund anything. The magical extraordinary measures basically consist in lowering the second type of debt by not reinvesting the maturing it.
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