More Yellen Activism? What To Expect From Today's Treasury Borrowing Estimate And The Quarterly Refunding

Some three years after we first defined the Treasury's politicized debt issuance as nothing less than "Stealth QE", the economist corps - in this case represented by Nouriel Roubini and Hudson Bay Capital's Stephen Miran - confirmed what we first said back in the summer of 2021, and accused Janet Yellen's Treasury of "activism" and artificially stimulating the market via stealth QE.

And apropos of stealth QE, this week marks one year since the huge bearish surprise for bond markets from the Treasury's Quarterly Refunding Announcement on August 2, 2023, which sent yields soaring for much of last summer before they tumbled again on yet another recession scare.