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Trump Administration Continues Biden-Era Treasury Strategy Despite Past Criticisms
Trump Administration Continues Biden-Era Treasury Strategy Despite Past Criticisms
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The WHITE House has maintained a controversial debt issuance strategy first implemented under President Biden, opting to prioritize short-term bonds over long-term debt to suppress rising yields. This approach, known as Activist Treasury Issuance (ATI), drew sharp rebukes from economists during its inception for blurring the lines between fiscal and monetary policy.
Stephen Miran, now leading Trump's Council of Economic Advisers, previously condemned ATI as a 'fiscal invasion of monetary policy,' drawing parallels to the Fed's Operation Twist. Current Treasury Secretary Scott Bessent, once a critic, now defends the policy while hinting at further market interventions if conditions deteriorate.
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