TGA drawdowns are formulaic — only triggered during acute crises or debt ceiling theater. Been that way since 2001.
Could Treasury change policy? Sure. But they don't need to tap TGA for buybacks as long as bills market stays liquid.
The plumbing works. The question is whether they *want* to use it — or if this is just more narrative management while liquidity tightens behind the scenes.
Could Treasury change policy? Sure. But they don't need to tap TGA for buybacks as long as bills market stays liquid.
The plumbing works. The question is whether they *want* to use it — or if this is just more narrative management while liquidity tightens behind the scenes.