Fed Snaps Up Nearly Half of $3.4 Trillion H1 Debt Sales

By Blu Putnam, Chief Economist, CME Group

• Fed bought 46% of US Treasury’s $3.4 trillion in H1 debt sales.
• Fusion of monetary, fiscal policies lowered Treasury market volatility.
• Treasury yield curve is now a combination of demand and Fed policy.
• Is yield curve still a reliable indicator of the state of monetary policy?