/biz/ - Business & Finance

Yellen primed that pump for Powell tomorrow.

>The Treasury Department’s Quarterly Refunding announcements, normally cause of a global yawn, have turned into a market-moving circus: Longer-term Treasury yields surged from August through October 2023 after the Treasury Department said in its Quarterly Refunding announcement at the beginning of August that it would issue a tsunami of longer-term Treasury notes and bonds. Then three months later, at the beginning of November, the Treasury Department attempted to undo some of the damage and said that it would shift the huge borrowing needs more to short-term Treasury bills, which caused longer-term yields to fall sharply.

>And today, the Treasury Department announced in its “Marketable Borrowing Estimates” that – despite the fiscal deficit that has ballooned in recent months – it would have to borrow less in Q1 than it had forecast in the October announcement, and that it would have to borrow relatively little in Q2. And yields fell again. Everyone likes a good market manipulation scheme to push up bond prices and push down longer-term yields?

https://wolfstreet.com/2024/01/29/treasury-department-trying-very-hard-to-push-down-yields-with-its-quarterly-refunding-announcements-so-we-take-a-look/

>>57449192
>>57449201
>>57449175

Yellen pregame pump before Powell does the coup-de-grais on the bobos.