By Dominique Dwor-Frecaut 13-08-2020
In: hive-exclusives | Monetary Policy & Inflation US

The US Treasury’s Cash Management Could Undermine Fed Independence

(4 min read)
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The Treasury Government Account (TGA), which is the US Treasury’s checking account at the Fed, has become so large that the Fed may have to coordinate with the Treasury to adjust its stance, which market participants could view as inconsistent with Fed independence.

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