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Open original source ↗Warsh: "I would be hard pressed to describe broad financial conditions as restrictive."
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This was our topic this week.
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Rational Dissent Episode 006. Can the Treasury Bully the Bond Market? Financial conditions never tightened and liquidity never left, the Treasury could open its wallet the same week the Fed decides whether to hike. Is it a fool’s errand? Available on YT, Spotify, Apple, Overcast, etc. -- Chapters 00:00 - Introduction and Topic Overview 02:23 - Defining Financial Conditions vs. Liquidity 05:54 - Liquidity and the Fed's Balance Sheet 08:26 - The Role of the Treasury General Account (TGA) 12:48 - Market Liquidity and Inflation Fears 21:51 - Term Premium and Market Risk 24:41 - The "Liz Truss Moment" and Bond Vigilantes 32:26 - Outro
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