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Treasury just announced that it will buy more long-term Treasuries private investors no longer want to hold to try to keep yields from rising. The money to pay for it will ultimately be created by the Fed, sending inflation soaring. That's why gold is already up $125 on the news! Initially Treasury will buy back long-term debt by issuing more short-term debt, making it harder for the Fed to raise rates, as it will push up federal interest expense and annual budget deficits. In fact, it will increase pressure for rate cuts and QE despite rising inflation.