Sign up to save your podcasts
Or
Share How U.S. Treasury Is Fighting The Fed | Nouriel Roubini & Stephen Miran on Treasury’s $800 Billion of “Stealth QE” via “Activist Treasury Issuance” (ATI)
Share to email
Share to Facebook
Share to X
Share to email
Share to Facebook
Share to X
Or
How U.S. Treasury Is Fighting The Fed | Nouriel Roubini & Stephen Miran on Treasury’s $800 Billion of “Stealth QE” via “Activist Treasury Issuance” (ATI)
Forward Guidance is sponsored by VanEck. Learn more about the VanEck Morningstar Wide MOAT ETF (MOAT) at https://vaneck.com/MOATFG.
New paper published by Hudson Bay Capital, written by Nouriel Roubini & Stephen Miran, “ATI: Activist Treasury Issuance and the Tug-of-War Over Monetary Policy”:
https://www.hudsonbaycapital.com/documents/FG/hudsonbay/research/635102_Activist_Treasury_Issuance_-_Hudson_Bay_Capital_Research.pdf
Nouriel Roubini’s book discussed in the interview, “Political Cycles and the Macroeconomy”: https://www.amazon.com/Political-Cycles-Macroeconomy-Alberto-Alesina/dp/0262510944
Nouriel Roubini’s latest book, “Megathreats”: https://www.hachettebookgroup.com/titles/nouriel-roubini/megathreats/9780316284059/?lens=little-brown
Follow Nouriel Roubini on Twitter https://x.com/Nouriel
Follow Stephen Miran on Twitter https://x.com/SteveMiran
Follow VanEck on Twitter https://x.com/vaneck_us
Follow Jack Farley on Twitter https://twitter.com/JackFarley96
Follow Forward Guidance on Twitter https://twitter.com/ForwardGuidance
Follow Blockworks on Twitter https://twitter.com/Blockworks_
__
Timestamps:
(00:00) Introduction
(01:18) What Is "Activist Treasury Issuance" (ATI)?
(08:00) The Mechanics Of How The U.S. Treasury Has Altered Engaged In "Activist Treasury Issuance"
(20:52) VanEck Ad
(24:21) Activist Treasury Issuance Played A Role In Boosting Asset Values, And In Avoiding A Recession (And Might Have Caused A "No Landing" Instead of a "Soft Landing")
(29:53) History of Treasury's "Bill Share": GFC, Money Market Reform, March 2020 Panic
(33:44) How Much Does Current Treasury Issuance Differ From Historical Issuance Patterns?
(45:43) Permissionless Ad
(46:46) Does Government Borrowing "Crowd Out" Private Investment?
(59:09) Will ATI Continue In The Next Presidential Administration?
(01:07:20) Long-Term Interest Rates Could Rise and Force a "Meaningful Repricing of Risk Assets"
(01:10:49) It's Not Just The Fed - U.S. Treasury Has "Forward Guidance" Now Too
(01:13:02) Nouriel Roubini's Closing Thoughts
__
Disclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.
View all episodes
By Blockworks
4.5
249249 ratings
Forward Guidance is sponsored by VanEck. Learn more about the VanEck Morningstar Wide MOAT ETF (MOAT) at https://vaneck.com/MOATFG.
New paper published by Hudson Bay Capital, written by Nouriel Roubini & Stephen Miran, “ATI: Activist Treasury Issuance and the Tug-of-War Over Monetary Policy”:
https://www.hudsonbaycapital.com/documents/FG/hudsonbay/research/635102_Activist_Treasury_Issuance_-_Hudson_Bay_Capital_Research.pdf
Nouriel Roubini’s book discussed in the interview, “Political Cycles and the Macroeconomy”: https://www.amazon.com/Political-Cycles-Macroeconomy-Alberto-Alesina/dp/0262510944
Nouriel Roubini’s latest book, “Megathreats”: https://www.hachettebookgroup.com/titles/nouriel-roubini/megathreats/9780316284059/?lens=little-brown
Follow Nouriel Roubini on Twitter https://x.com/Nouriel
Follow Stephen Miran on Twitter https://x.com/SteveMiran
Follow VanEck on Twitter https://x.com/vaneck_us
Follow Jack Farley on Twitter https://twitter.com/JackFarley96
Follow Forward Guidance on Twitter https://twitter.com/ForwardGuidance
Follow Blockworks on Twitter https://twitter.com/Blockworks_
__
Timestamps:
(00:00) Introduction
(01:18) What Is "Activist Treasury Issuance" (ATI)?
(08:00) The Mechanics Of How The U.S. Treasury Has Altered Engaged In "Activist Treasury Issuance"
(20:52) VanEck Ad
(24:21) Activist Treasury Issuance Played A Role In Boosting Asset Values, And In Avoiding A Recession (And Might Have Caused A "No Landing" Instead of a "Soft Landing")
(29:53) History of Treasury's "Bill Share": GFC, Money Market Reform, March 2020 Panic
(33:44) How Much Does Current Treasury Issuance Differ From Historical Issuance Patterns?
(45:43) Permissionless Ad
(46:46) Does Government Borrowing "Crowd Out" Private Investment?
(59:09) Will ATI Continue In The Next Presidential Administration?
(01:07:20) Long-Term Interest Rates Could Rise and Force a "Meaningful Repricing of Risk Assets"
(01:10:49) It's Not Just The Fed - U.S. Treasury Has "Forward Guidance" Now Too
(01:13:02) Nouriel Roubini's Closing Thoughts
__
Disclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.
More shows like Forward Guidance
View all
Macro Voices
3,067 Listeners
Top Traders Unplugged
589 Listeners
Hidden Forces
1,435 Listeners
Real Vision: Finance & Investing
909 Listeners
Hedgeye Podcasts
200 Listeners
The Market Huddle
360 Listeners
What Grinds My Gears
113 Listeners
Excess Returns
88 Listeners
Macro Hive Conversations With Bilal Hafeez
100 Listeners
Eurodollar University
465 Listeners
Empire
168 Listeners
Supply Shock
112 Listeners
Wealthion - Be Financially Resilient
374 Listeners
On The Tape with Danny Moses
162 Listeners
The Macro Trading Floor
215 Listeners
Bell Curve
33 Listeners
Market Depth
22 Listeners
Thoughtful Money with Adam Taggart
415 Listeners
Lightspeed
30 Listeners
The Julia La Roche Show
70 Listeners
0xResearch
17 Listeners
Expansion
2 Listeners
Monetary Matters with Jack Farley
158 Listeners