To appreciate just how important the Federal Reserve has been to the U.S. Treasury, consider this simple fact: It alone financed roughly 40 percent of Americaâs budget deficit last year.
So as Fed officials talk up the possibility of unwinding the central bankâs crisis-era bond holdings later this year, figuring out what will happen when the U.S. loses its biggest source of funding has become a pressing concern.
Of course, finding ready buyers in the Treasury market â- arguably the safest and mo...
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