How Does Wall Street View the Treasury's Surprise Move? A Variant QT Arrives, Another "Trump Put," and Warsh's Inflation Fight Gets Tougher

The U.S. Treasury did not specify where the buyback funds would come from; market participants expect financing through short-term debt issuance, equivalent to a Treasury version of "Operation Twist" (QT). A CNBC host noted that the administration wants the stock market rally to continue, calling this a "Trump put." RSM's chief economist believes the Treasury's attempt to control yields could make it harder for the Fed to manage inflation.