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The mainstream emphasis on Treasury auctions is, like so many of these things, completely misplaced. It's not just misplaced, even the worst Treasury auctions don't actually matter. Interest rates have nothing to do with how much debt the government issues. It's sad, it's not right, but that's the eurodollar world we live in. Uncle Sam has issued almost $20 trillion in debt over the last dozen years, and the long bond yield has barely moved - even with the Fed spiking ST rates.
Eurodollar University's Money & Macro Analysis
FOMC statement May 9, 2010
https://www.federalreserve.gov/newsevents/pressreleases/monetary20100509a.htm
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
RealClearMarkets Essays: https://bit.ly/38tL5a7