The Short-End Liquidity Loop: How T-Bills Became a Permanent Monetary Conveyor Belt
A step-by-step, plumbing-accurate explanation of the Fed–Treasury–dealer short-end liquidity loop: T-bill issuance, secondary-market bill purchases, the TGA reserve drain and fiscal re-injection, and why this regime has no credible end state.
Policy Watch — Fed, Treasury & CBs (🏛️📜)