Joseph Wang(@josephwang):Treasury cannot print cash the way the Fed can. HOWEVER, draining the TGA would have an equivalent impact by boosting bank reserve assets/deposit liabilities. It unbottles cash that was previously created but locked away in the TGA.

2026.08.24 11:45

Treasury cannot print cash the way the Fed can. HOWEVER, draining the TGA would have an equivalent impact by boosting bank reserve assets/deposit liabilities. It unbottles cash that was previously created but locked away in the TGA.

*Walter Bloomberg@DeItaone

2026.08.24 11:36

BESSENT COULD UNLEASH $1 TRILLION ON BOND MARKET The US Treasury could tap its nearly $1 trillion cash account to fund expanded bond buybacks, potentially giving it major firepower to push long-term yields lower. Treasury recently doubled minimum buybacks of longer-dated securities to $4 billion, with Bessent signaling even larger purchases are possible. Using existing Treasury cash could strengthen the program’s market impact while reducing the need for Federal Reserve involvement.

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