A closer look at the issuance structure of Treasury securities

Here's how the Treasury manipulated the yield curve in 2023. To save the banks? To save the economy? Or themselves?

For most of the 2010s, there was not much volatility in interest rates. The short end was anchored to the Fed’s zero interest rate policy. The long end moved a little bit with the tides of the QE and QT cycle. But overall, it was a boring time for bond investors and equity investors were busy with other risk factors.

So far, the 2020s have been the compl…