US Treasury Secretary Scott Bessent gave no guidance in Wednesday’s refunding announcement that issuance of bills is set to fall. That should help support central-bank liquidity at the margin.
Principles are often sacrificed on the altar of power. From being an arch critic of his predecessor’s issuance strategy before he took office, Bessent has given no indication he is ready to rein in the US’s significant issuance of short-term debt.
