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by nostrademons
1750 days ago
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The Fed is a participant in that auction with a large ($80B/month) budget and a target interest rate of 0-0.25%, though. You don't have much of an incentive to bid low if you know the Fed is going to swoop in and buy the bonds anyway. |
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The Fed buying $80B/month is less than 5% of what was issued.
Source: https://www.sifma.org/resources/research/us-treasury-securit...