Being really into baseball feels closer to being into trains or military history than it does following other sports. That's not a judgement but an observation.
@NickTimiraos It's all preplanned.
New Fed that doesn't like ample reserves and wants crises dependency on the Fed.
Treasury that coincidently also wants to drain Fed liabilities.
They're setting markets up for a homerun $20T> print
Foreign demand for USTs is at its lowest level in over a decade.
This is why Bessent has to step in and offset some of that lost demand through Treasury QE.
JUST IN: 🇺🇸 The U.S. Treasury could use its $935,000,000,000 cash stockpile to fund expanded bond buybacks, rather than relying solely on new short-term debt issuance.