Crescendo
capitalwars.substack.com
Crescendo
Notably, Stephen Miran and Nouriel Roubini recently published a paper about “Activist Treasury Issuance” which is their term that refers to the Treasury Department taking unusual actions to offset the Fed’s tightness. Both Miran and Roubini are economics PhDs and worked in various capacities with the Treasury Department in the past.
In the paper,
... See moreLyn Alden • Potential Asset Rotations: Deep Dive Analysis
The steeper yield curve is also being reinforced by a policy change the Fed began late last year that I still don’t think is getting enough attention. While their policy is supportive of the front end via Fed Funds rate cuts and the newly announced Reserve Management Purchases (RMP), it is doubly bad for the long end. First, that front-end... See more
Quinn Thompson • 2026 Investable Ideas
Back during the 2010-2014 period in particular, the Fed was buying Treasuries as a somewhat optional way to boost the wealth effect, provide extra liquidity, and recapitalize the banking system.