Yellen refuted accusation of issuing Treasury securities to lower borrowing costs, denying any such strategy or discussions regarding this manipulation.
Roubini and Miran estimated Treasury's move last fall reduced 10-year Treasury yields significantly, impacting the economy similar to a Fed rate cut.
The move by Treasury to adjust issuance of longer-term securities was within market expectations, as per Treasury official Joshua Frost.
Roubini's paper was criticized for factual errors on Treasury bill issuance by a senior Treasury official, adding to the debate on the issue.
#us-treasury #treasury-securities-issuance #interest-rates-manipulation #economic-impact #market-expectations
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