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← When the Fed buys long-term Treasuries under QE and issues overnight…
17 connected korrents · 13 moments on record from 5 Sept 2010 to 19 Sept 2026. Nearly all of them are about interest rates .
Everything filed under public debt
public debt
Everything filed under fiscal policy
fiscal policy
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investing
Everything filed under inflation
inflation
Everything filed under surgical outcomes
surgical outcomes
Everything filed under quantitative easing
quantitative easing Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Read this korrent: When the Fed buys long-term Treasuries under QE and issues overnight debt, the result is equivalent to the Treasury having issued overnight debt. When the Fed buys long-term Treasuries under QE and issues overnight debt, the result is equivalent to the Treasury having issued overnight debt. Last stated yesterday
19 Sept 2026
JC
John H. Cochrane — holds since 2026-09-19 — tap for who they are
Same subject: A bank should be managed against the fat tails it can imagine, not against the stress test its regulator hands it. — tap to centre the map on it A bank should be managed against the fat tails it can imagine, not against the stress test its regulator hands it. Last stated a year ago
16 Jul 2025
JD
Jamie Dimon — holds since 2025-07-16 — tap for who they are
Same subject: A central bank can eliminate a self-fulfilling ('sunspot') debt crisis simply by credibly committing to buy as many bonds as needed at the low interest rate. — tap to centre the map on it A central bank can eliminate a self-fulfilling ('sunspot') debt crisis simply by credibly committing to buy as many bonds as needed at the low interest rate. Last stated 4 years ago
1 Jun 2022
OB
Olivier Blanchard — holds since 2022-06-01 — tap for who they are
Same subject: A fiscal expansion when the economy is already at potential output prompts monetary tightening that dampens or eliminates its effect on output. — tap to centre the map on it A fiscal expansion when the economy is already at potential output prompts monetary tightening that dampens or eliminates its effect on output. Last stated 4 years ago
1 Jun 2022
OB
Olivier Blanchard — holds since 2022-06-01 — tap for who they are
Same subject: A government's debt dynamics are a household's or a company's, except that it can print money and tax -- and those two powers are what change the ending. — tap to centre the map on it A government's debt dynamics are a household's or a company's, except that it can print money and tax -- and those two powers are what change the ending. Last stated 4 weeks ago
21 Aug 2026
RD
Ray Dalio — holds since 2026-08-21 — tap for who they are
Same subject: A longer average debt maturity protects a government from temporary interest-rate spikes and gives it more time to adjust to permanent rate increases. — tap to centre the map on it A longer average debt maturity protects a government from temporary interest-rate spikes and gives it more time to adjust to permanent rate increases. Last stated 4 years ago
1 Jun 2022
OB
Olivier Blanchard — holds since 2022-06-01 — tap for who they are
Same subject: A persistently low safe interest rate signals that capital is not very productive at the margin, an underlying economic problem rather than a policy variable. — tap to centre the map on it A persistently low safe interest rate signals that capital is not very productive at the margin, an underlying economic problem rather than a policy variable. Last stated 4 years ago
1 Jun 2022
OB
Olivier Blanchard — holds since 2022-06-01 — tap for who they are
Same subject: Aggressive quantitative easing should raise long-term interest rates, because effective monetary stimulus raises them. — tap to centre the map on it Aggressive quantitative easing should raise long-term interest rates, because effective monetary stimulus raises them. Last stated 16 years ago
6 Sept 2010
SS
Scott Sumner — holds since 2010-09-05 — tap for who they are
SS
Scott Sumner — no longer holds since 2010-09-06 — tap for who they are
Same subject: Canceling government bonds held by a central bank creates no fiscal space, because the reduction in government interest payments is exactly offset by an equal reduction in the profits the central bank remits to the government. — tap to centre the map on it Canceling government bonds held by a central bank creates no fiscal space, because the reduction in government interest payments is exactly offset by an equal reduction in the profits the central bank remits to the government. Last stated 4 years ago
1 Jun 2022
OB
Olivier Blanchard — holds since 2022-06-01 — tap for who they are
Same subject: Automatic fiscal stabilizers give fiscal policy an advantage over monetary policy in stabilizing output because they act faster. — tap to centre the map on it Automatic fiscal stabilizers give fiscal policy an advantage over monetary policy in stabilizing output because they act faster. Last stated 4 years ago
1 Jun 2022
OB
Olivier Blanchard — holds since 2022-06-01 — tap for who they are
Same subject: Fiscal multipliers vary across time and place but are generally nonzero, positive for spending, negative for taxes, and larger when monetary policy cannot offset them. — tap to centre the map on it Fiscal multipliers vary across time and place but are generally nonzero, positive for spending, negative for taxes, and larger when monetary policy cannot offset them. Last stated 4 years ago
1 Jun 2022
OB
Olivier Blanchard — holds since 2022-06-01 — tap for who they are
Same subject: Friedman's universal minimum income went nowhere precisely because it was pure and free of moral judgment, which made it beautiful and politically impossible. — tap to centre the map on it Friedman's universal minimum income went nowhere precisely because it was pure and free of moral judgment, which made it beautiful and politically impossible. Last stated 2 years ago
19 Jan 2025
JB
Jennifer Burns — holds since 2025-01-19 — tap for who they are
Same subject: A company's staff-engineer bar should be set against the best companies in the industry rather than against its own history, which is what makes title inflation a real cost. — tap to centre the map on it A company's staff-engineer bar should be set against the best companies in the industry rather than against its own history, which is what makes title inflation a real cost. Last stated 6 months ago
1 Apr 2026
TP
Thuan Pham — holds since 2026-04-01 — tap for who they are
Same subject: Cash welfare benefits contributed at least somewhat to the inflation of 2021-2022. — tap to centre the map on it Cash welfare benefits contributed at least somewhat to the inflation of 2021-2022. Last stated 4 years ago
25 Jul 2022
NS
Noah Smith — holds since 2022-07-25 — tap for who they are
Same subject: Data centres had not raised the average American household's electricity bill as of 2025; inflation and the gas-price shock did. — tap to centre the map on it Data centres had not raised the average American household's electricity bill as of 2025; inflation and the gas-price shock did. Last stated 11 months ago
10 Oct 2025
AM
Andy Masley — holds since 2025-10-10 — tap for who they are
Same subject: A bubble can only be identified in retrospect, so arguing about whether one is happening now cannot be settled now. — tap to centre the map on it A bubble can only be identified in retrospect, so arguing about whether one is happening now cannot be settled now. Last stated 9 months ago
9 Dec 2025
HM
Howard Marks — holds since 2025-12-09 — tap for who they are
Same subject: A company priced in the trillions is not thereby overpriced; the test is what revenues and margins that price actually requires. — tap to centre the map on it A company priced in the trillions is not thereby overpriced; the test is what revenues and margins that price actually requires. Last stated 10 months ago
3 Dec 2025
AD
Aswath Damodaran — holds since 2025-12-03 — tap for who they are
Same subject: A company that grows enough eventually has no need for investors. — tap to centre the map on it A company that grows enough eventually has no need for investors. Last stated 3 weeks ago
1 Sept 2026
PG
Paul Graham — holds since 2026-09-01 — tap for who they are
At the centre
When the Fed buys long-term Treasuries under QE and issues overnight debt, the result is equivalent to the Treasury having issued overnight debt.
Holds Read this korrent →
A bank should be managed against the fat tails it can imagine, not against the stress test its regulator hands it.
Holds
A central bank can eliminate a self-fulfilling ('sunspot') debt crisis simply by credibly committing to buy as many bonds as needed at the low interest rate.
Holds
A fiscal expansion when the economy is already at potential output prompts monetary tightening that dampens or eliminates its effect on output.
Holds
A government's debt dynamics are a household's or a company's, except that it can print money and tax -- and those two powers are what change the ending.
Holds
A longer average debt maturity protects a government from temporary interest-rate spikes and gives it more time to adjust to permanent rate increases.
Holds
A persistently low safe interest rate signals that capital is not very productive at the margin, an underlying economic problem rather than a policy variable.
Holds
Aggressive quantitative easing should raise long-term interest rates, because effective monetary stimulus raises them.
No longer holds
Canceling government bonds held by a central bank creates no fiscal space, because the reduction in government interest payments is exactly offset by an equal reduction in the profits the central bank remits to the government.
Holds
Automatic fiscal stabilizers give fiscal policy an advantage over monetary policy in stabilizing output because they act faster.
Holds
Fiscal multipliers vary across time and place but are generally nonzero, positive for spending, negative for taxes, and larger when monetary policy cannot offset them.
Holds
Friedman's universal minimum income went nowhere precisely because it was pure and free of moral judgment, which made it beautiful and politically impossible.
Holds
A company's staff-engineer bar should be set against the best companies in the industry rather than against its own history, which is what makes title inflation a real cost.
Holds
Cash welfare benefits contributed at least somewhat to the inflation of 2021-2022.
Holds
Data centres had not raised the average American household's electricity bill as of 2025; inflation and the gas-price shock did.
Holds
A bubble can only be identified in retrospect, so arguing about whether one is happening now cannot be settled now.
Holds
A company priced in the trillions is not thereby overpriced; the test is what revenues and margins that price actually requires.
Holds
A company that grows enough eventually has no need for investors.
Holds