The Great Liquidity Debate | Michael Howell & Andy Constan
Forward Guidance
Exploring the manipulation of treasury issuance and yield curve control
In a conversation about mortgage rates and government manipulation of finances, Michael argues that the current situation is a form of shadow yield curve control, while Andy emphasizes the importance of understanding these tactics. Michael believes that quantitative easing (QE) has ended and argues that the authorities are subtly trying to manipulate the bond market through bill issuance and other methods, which he calls yield curve control. Janet Yellen's role in controlling the yield curve is highlighted. The conversation also touches on the bank term funding program, which they agree was a joint effort.
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