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The Treasury on the Phone

Yield Control by Another Name

A Treasury that buys back long bonds and borrows short instead can push long yields down without a central bank buying anything — and without anyone calling it yield control.

18 min340 XP available8 challenges

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The Treasury buys back $100 billion of 10-year bonds and pays for it by selling $100 billion of new three-month bills. What has changed?

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