POPA ReconIt took a while, but the market is finally turning its collective eyes to the Treasury’s 11 a.m. announcement today. The maximum purchase…
It took a while, but the market is finally turning its collective eyes to the Treasury’s 11 a.m. announcement today. The maximum purchase amount for the auction is currently “at least $4B” as specified in August, and we get the big reveal today. The market is going into the announcement short dollars, because that’s the asymmetric bet, but that probably means a decent USD rally if the number comes in at $4B and disappoints. Bessent is increasingly involved in markets these days and has declared that he is now the house—visions of some sort of Martin Scorsese pit boss main character who wears…
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