U.S. More Than Doubles Borrowing Estimate on Debt-Limit Lifting
Treasury wants to borrow long and deposit short, build up its cash balances and steepen the curve. It will not work, Congress will see a sharp rise in the ten year yield close to 3%, and return to short term financing, restoring to curve to flat. Congress is stuck with short term financing, their long term debt capacity steamrolled by roll overs which make the ten year unstable measure. Pricing is not working in the Swamp.
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