The chaotic global breakdown of March 2020 did a lot of things, including adding more unnecessary pressure to an already-reeling pandemic-shocked world. Authorities have spent the balance of the more than two years since doing two things: puzzling over Treasury market function while yet congratulating themselves for what they say was its timely “rescue.”
Such clash between Treasuries as money and baffled Fed officials was nothing new. It’s not so much laissez faire as it is intellectual laziness, the attitude that any non-fatal end can justify their lack of means. If the whole thing doesn’t completely crash, we must’ve done good!
Read Full Article »