Robert Armstrong

speaker

1,703 appearances 12 recordings 3 series first heard Oct 2025 last heard 6d ago

Robert Armstrong’s voice in public audio — every appearance, attributed to the second.

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Recordings per month over the last 12 months — 12 in all, peaking in Jan 2026 with 3.

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Prof G Markets · Why Bessent Tried To Rescue The Bond Market (And Failed) · 1 Sep 2026 podcast

There is a normal action that the Treasury takes called buybacks, which is an effort to keep the Treasury market operating smoothly.

And

They do this because as treasuries get older, as they uh sit in the market longer, they become harder to trade.

It's like an old issue with a weird interest rate, and there's not that much of it around.

And so on a very regular basis, it's been normal for a couple of years for the treasury to go into the market, buy the old ones, and replace them with new ones.

ones.

So taking out the stuff that's hard to trade and replacing it with brand new liquid stuff that trades easily.

What Bessent did that is different is he did it off schedule.

And then promise to do even more of it off schedule.

So what is normally an operation that can be legitimately described as an effort to make the plumbing work better, or in you know, in kind of finances to improve liquidity.

looked very transparently to everyone in the world like an effort to prop up the price of bonds by buying them.

There was also some comments.

that perhaps in the future the Treasury would use the Treasury's general account for these kinds of operations, which would be kind of new.

The Treasury general account is the the Treasury's checking account, basically.

It's where your tax dollars go and where the spending comes out of.

And that was like, whoa, he's going to use the general account.

So it was an e uh an attempt to s to shock the market uh

And get a a a stronger bid for bonds and it didn't really work.

And so a and the thing about these kind of government actions, you can ask the government of Japan about this.

When they don't work, they tend to make things worse.

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