Chief Investment Office Macro Strategy Team at Merrill Lynch: Macro Strategy—Treasury Offsetting QT Until Mid-Year: The looming debt ceiling crisis is pressuring the U.S. Treasury to drain hundreds of billions of dollars from its account at the Federal Reserve (Fed), adding reserves to the banking system and easing financial conditions. Coupled with an improved outlook for Chinese economic growth in…
Merrill Lynch: Treasury Offsetting QT Until Mid-2023
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