Pullquote: @hc

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Chartbook 238: Making & remaking the most important market in the world. Or why everyone should read Menand and Younger on Treasuries.

American public finance has long been closely intertwined with the American monetary framework and that deep and liquid Treasury markets are, in large part, a legal phenomenon. Treasury market liquidity, in other words, did not arise organically as a product primarily of private ordering. Instead, it was actively constructed by government officials. The high degree of convertibility between Treasury securities and cash—the market’s “liquidity”—depends upon entities that can create new, money-like claims to buy Treasuries. Sometimes the government’s central bank has issued these claims directly, as in March 2020; other times these claims were issued by central bank-backed instrumentalities, such as banks and select broker-dealers.

#bonds #debt #thefed - adamtooze.substack.com

Jeremy Grantham Discusses Recession Call, Fed Policy, Market Bubbles - Bloomberg

The Fed’s record on these things is wonderful. It’s almost guaranteed to be wrong. They have never called a recession, and particularly not the ones following the great bubbles. They prided themselves in stimulating the bubbles. They took credit for the beneficial effect of higher asset prices on the economy. They have never claimed credit for the deflationary effect of asset prices breaking. And they always do.

#bubble #recession #thefed - bloomberg.com

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