What we are witnessing today with the BOJ arguably stands as one of the most significant macro events in recent times and is a roadmap for the broader global economy.Ultimately central banks of highly indebted economies have no choice but to become the ultimate buyers of their own government debt.
The Fed is not exempt from this.
The current monetary policy in the US is starkly misaligned with the surge in Treasury issuances and the prevailing levels of fiscal irresponsibility.
It’s important to note that the Fed’s ownership of US federal debt has recently plunged to 2014 levels.
Inevitably, this trend needs to be reversed.
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