Andy Constan(@dampedspring):The TGA level is set by a highly predictable formulaic policy in place since soon after 9/11/2001. It is drawn down only during extreme sharp economic crisis or during the kabuki theater of a debt ceiling debate in Congress. The cash management policy could be changed that's true. BUT it's not necessary to tap TGA to buyback bonds as long as the bills market is open.

Andy Constan

@dampedspring

macro & beta @2Graybeards for beta. Both for investor education, Brevan Howard, Bridgewater, Salomon, Dad of 4. Go Penn, No tweet is advice

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Andy Constan@dampedspring

2026.08.24 12:23

The TGA level is set by a highly predictable formulaic policy in place since soon after 9/11/2001. It is drawn down only during extreme sharp economic crisis or during the kabuki theater of a debt ceiling debate in Congress. The cash management policy could be changed that's true. BUT it's not necessary to tap TGA to buyback bonds as long as the bills market is open.