Think about this... nobody but the Fed will buy 40% of the Treasuries at the prevailing interest rates! This is not a market. If the Fed stops buying, wither the Treasury only sells $900 billion and can’t pay its bills or the other $600 billion is sold at higher interest rates which will trickle through the global bond market at lightning speed and raise interest rates to painful levels. YOW!
Somebody other than the Fed bought 100% of Treasuries at the prevailing rate.
If the Fed stops buying, wither the Treasury only sells $900 billion and can’t pay its bills or the other $600 billion is sold at higher interest rates which will trickle through the global bond market
Rates are higher since the Fed started buying the $600 billion.