Latest / The Federal Reserve Podcast with Fexingo: Interest Rates, FOMC Meetings, and Monetary Policy
Why the Fed Is Watching the Treasury General Account's New Math
The Treasury General Account, or TGA, is the government's checking account at the Fed. It's usually a dry technical detail, but in August 2026 it's become a flashpoint. Treasury Secretary Scott Bessent has floated using the TGA's near-trillion-dollar balance to fund bond buybacks, a move designed to ease pressure on the long end of the curve. Critics like Stanley Druckenmiller say it's financial engineering that won't work and could even backfire. In this episode, Lucas and Luna unpack why the Fed cares about the TGA at all, how a drawdown would ripple through…
The skinny
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