The 1951 Treasury / Fed Accord was the divorce. It ended the wartime rate peg and put Fed policy back on its own side of the street from Treasury financing.
Warsh has asked for a successor on the balance sheet. Bessent has already named the long-end buybacks a âTreasury twist,â after the 1961 operation in which Treasury issued short debt and the Fed bought long bonds.
What do they say about history and rhymes ?
Brent and Michaelâs Disparate Housewives treats that coordination, plus the bill purchases and the cash account, as a wedding between the two houses, willingly or with a shotgun.
Those who criticise either Bessent or Warsh havenât sat the table and looked at their cards theyâve been dealt .
2027 is going to be crazy