The US Treasury’s liquidity-support buyback operations aren’t quantitative easing by a different name, says Bloomberg Intelligence US Rates Strategy Associate Will Hoffman. On this Macro Matters edition of the FICC Focus podcast, Hoffman joins co-host and BI’s Chief Interest Rate Strategist Ira Jersey to unpack the drivers and implications of a tumultuous two-week period for the Treasury market. The pair discuss key economic developments, including the recent CPI surprise that sent yields soaring. They also dive into details of the Treasury’s upcoming buyback operations, as well as the biggest takeaways from the Federal Reserve’s March meeting minutes, including commentary on the evolution of the central bank’s balance-sheet policy.