Your assumption drawn out to it’s logical conclusion is that all the traders and portfolio managers are dim witts and do not know how to properly price the inveztments they buy and sell. They control the yields on bills, notes, and bonds, not the FED.
Except the FED has about $9 trillion on its balance sheet, and about two-thirds of that is U.S. government debt. At the height of the COVID fiasco it was buying $120 billion worth of bonds every month.
Your assumption drawn out to it’s logical conclusion is that all the traders and portfolio managers are dim witts and do not know how to properly price the inveztments they buy and sell.
Not at all. My assumption drawn out to its logical conclusion — which was the basis of my original post on this thread — is that this isn’t a “free market” anymore and has all the characteristics of a rigged game.