Did Janet Yellen Just Deliver ‘The First Rate Cut’?

Ahead of this week's all-important Treasury refunding announcement, Nomura's Charlie McElligott suggested Janet Yellen might endeavor to use the methods at her disposal to ease accumulated pressure at the long-end of the US Treasury curve. The long-end selloff since August was down to a dramatic term premium repricing, itself attributable to the perception of fiscal profligacy and related supply concerns in an environment where the buyer base for Treasurys is increasingly comprised of price-sen

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2 thoughts on “Did Janet Yellen Just Deliver ‘The First Rate Cut’?

  1. Very glad and relieved Yellen didn’t walk away from the Biden administration after the midterms, as there were multiple reports suggesting she would. She will be hugely important in the titanic and potentially apocalyptic battle of 2024 imho…

  2. Wondering if this easing wasn’t “engineered” in a way to give some headroom to accommodate near-term supply pressures without pushing rates up to even higher cycle highs, which might have broken something.

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