New Normal

New Normal Steven Zeng at Deutsche Bank notes the stunning (but hardly surprising) reality that Treasury borrowing is “now on par with levels during the 2020-2021 pandemic“. “Both weaker fiscal positions and Fed QT are contributing factors. With a growing view that the Fed may lengthen the duration of QT, and annual deficits projected at around $1.7-$1.8 trillion over the next few years, these issues are unlikely to go away soon.“ “At the same time, a widening mismatch between supply and demand for USTs could exacerbate the issue through increased debt interest expenses.“ This will continue as ...Great pronouns! 🤣 Источник: Lord Of War