Biden has launched World War 3, but that's only the first "Screw YOU!!" he and his people have shoved into Trump's term. Janet Yellen, a hard-core Lefty from San Francisco--and Biden's Treasury secretary, left another land-mine.
...Yellen has been moving away from long-term debt to finance the shortfalls to shorter-dated securities, essentially rolling over deficits with more and more Treasury bills instead of the normal way of debt issuance through 10- and 30-year debt....
She went short-term instead: 2-year and 90-day, so she didn't lock in the lower rates available on 10- and 30-year bonds.
...So why go there? Politics, according to Yellen’s Wall Street critics.
Because the Biden administration has taken spending to new and some say unsustainable levels, Yellen needed to engage in a bit of financial chicanery to keep interest rates low and not spook the stock market during an election year, her critics say.
If she had financed deficits with 10- and 30-year bonds, that would have caused a rise in interest rates that impact consumers, i.e. mortgages and credit cards....
Now the 30-year is at 4.487%. Two years ago, it was 3.8% or so. Half a point on Biden's $$umpty-zillion in debt actually means something......which is how Yellen is screwing Trump.
Prison is far too good for these people.
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