Macro Voices · MacroVoices #552 David Rosenberg: Navigating The Noise
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cut long-dated Treasury issuance and flooded the market with short-term bills at the November 4th refunding announcement
100 basis-point rally in the 10-year note over ~2 months; shift from long-dated to bills
“Instead you want to announce the decision and then you want to think okay say you're announcing it to sales customer success billing and marketing what's marketing going to be thinking what's sales going to be thinking what's customer success going to be thinking what are they going to be worried about what are their objections going to be what...”
“It has $365 billion of cash that's mainly invested in short-term treasuries… the Fed essentially gave Berkshire a billion-dollar raise by raising rates.”
“The treasury buyback program ... we’re going to buy back that 28-year bond ... and we’re going to issue treasury bills”
“People will pay more for something which is liquid, even though the cash flows on those two treasury bills are exactly the same.”
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