Thread on UST funding and RRP. Backdrop: US treasury debt outstanding has gone from $22.7T to $33.2T over the past four years (9/30/19 to 9/30/23), and 30.9T a year ago. So +$2.3T 1y and +$10T 4y. The -12m deficit is $1.7T per below, as of 9/30 (Tre

Luke Gromen @lukegromen · Oct 15, 2023

Tremendous thread. Must read 👇

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by Paulo Macro

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