Michael Kao on November Fed Meeting, Treasury Refunding, & Bond Market Bear Steepening
Supply Shock
Quarterly Refunding Amounts and Significance of Treasury Funding
This chapter explores the process of determining quarterly refunding amounts and how the United States government decides on its spending and funding. It also delves into the importance of the Treasury's choice between short-term bills and longer-term bonds. Additionally, the chapter discusses the supply argument and macrogravity argument in relation to re-pricing in the end of the curve, and concludes with a special offer from Blockworks research for listeners interested in DeFi protocols.
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