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The Fed's $3 Trillion Problem | Maroon Macro & Joseph Wang
Forward Guidance
The Fed's Higher Than Expected Tax Receipts and Lower Treasury Borrowing Schedule
The Treasury is going to focus on coupon issuance that is longer term stuff. And the RRP versus repo facility can only invest in short term term stuff. So clearly, if we're living in a one or two factor world, you say, obviously, you're in 10 year yields or whatever, they go a lot higher from here. But that's not the only thing that influences the long end, right? The long end are also significantly influenced by economic conditions.
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