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The Treasury's $1 Trillion Shell Game
This week Dana and Anthony dig into one of the strangest moves coming out of the U.S. Treasury: the government is running a $1 trillion checking account straight into the bond market to buy back its own debt.
What we cover:
Why the Treasury is maxing out short-term credit lines to repurchase long-term bonds
What "liquidity management" actually means once you get past the excuse
How swapping long-term debt for short-term bills puts $35+ trillion of national debt on something that acts like an adjustable-rate mortgage
Why that's a bigger bet than it sounds — rates move, and this debt is now…
The skinny
The skinny isn't ready yet — notes appear once the transcript is processed.