MacroVoices #367 Luke Gromen: USD Update in the Wake of SVB Collapse
Macro Voices
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Is the Fed Not Finishing Hitting?
The two biggest marginal buyers of treasuries have been the Fed and the US banking system. Now you're in this position where there's sort of one guy holding down the fort on the marginal side. And so the Fed faces a choice, which is, are we going to stop and do something to ameliorate this stress? Or will they force these banks to begin taking losses on their treasury portfolios by virtue of selling treasuries?"
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