4min chapter

Forward Guidance cover image

The Fed's Balance Sheet Plans Are Kryptonite For Risk Assets | Andy Constan

Forward Guidance

CHAPTER

Understanding Treasury Financing and Bank Reserves

This chapter explores the Treasury's management of its checking account, examining the interplay between bank reserves, Treasury bond transactions, and deficit financing. It highlights the critical connections between T-bills, bank deposits, and Federal Reserve reserves in sustaining market stability.

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