Lisa Abramowicz

"If recent disruption in the US Treasury market continues we see no other option for the Fed but to step in with emergency purchases of US Treasuries...This would be very similar to the Bank of England intervention following the gilt crisis of 2022:" DB's Saravelos

So what does the Fed do? Cut rates into a long-bond selloff? At a time when 2-year inflation expectations are surging to some of the highest levels in more than two years? The off ramp doesn't appear obvious or enviable for monetary policy makers right now. https://t.co/5WdrAbgxLL