How U.S. Treasury Is Fighting The Fed | Nouriel Roubini & Stephen Miran on $800B “Stealth QE”

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New paper published by Hudson Bay Capital, written by Nouriel Roubini & Stephen Miran, “ATI: Activist Treasury Issuance and the Tug-of-War Over Monetary Policy”:
https://www.hudsonbaycapital.com/docu...
Nouriel Roubini’s book discussed in the interview, “Political Cycles and the Macroeconomy”: https://www.amazon.com/Political-Cycl...
Nouriel Roubini’s latest book, “Megathreats”: https://www.hachettebookgroup.com/tit...

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Timestamps:
00:00 Introduction
01:18 What Is "Activist Treasury Issuance" (ATI)?
08:00 The Mechanics Of How The U.S. Treasury Has Altered Engaged In "Activist Treasury Issuance"
20:52 VanEck Ad
24:21 Activist Treasury Issuance Played A Role In Boosting Asset Values, And In Avoiding A Recession (And Might Have Caused A "No Landing" Instead of a "Soft Landing")
29:53 History of Treasury's "Bill Share": GFC, Money Market Reform, March 2020 Panic
33:44 How Much Does Current Treasury Issuance Differ From Historical Issuance Patterns?
45:43 Permissionless Ad
46:46 Does Government Borrowing "Crowd Out" Private Investment?
59:09 Will ATI Continue In The Next Presidential Administration?
01:07:20 Long-Term Interest Rates Could Rise and Force a "Meaningful Repricing of Risk Assets"
01:10:49 It's Not Just The Fed - U.S. Treasury Has "Forward Guidance" Now Too
01:13:02 Nouriel Roubini's Closing Thoughts

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