https://t.co/sdVt1qOh2w

Rational Dissent Episode 006. Can the Treasury Bully the Bond Market? In a regime where financial conditions never tightened and liquidity never left, the Treasury could open its wallet the same week the Fed decides whether to hike. Is it a fool’s errand? 00:00 - Introduction and Topic Overview 02:23 - Defining Financial Conditions vs. Liquidity 05:54 - Liquidity and the Fed's Balance Sheet 08:26 - The Role of the Treasury General Account (TGA) 12:48 - Market Liquidi — via @biancoresearch

Treasury issuance and Fed hike timing collide, signaling bond-market stress.