Andy Constan: Treasury twist aims to control long-term rates by shifting to short-term bills

Andy Constan: Treasury twist aims to control long-term rates by shifting to short-term bills
Treasury twist favors short-term bills

Andy Constan, founder / strategist at Damped Spring Macro, compares classic yield curve control (YCC) by central banks to recent strategies involving U.S. debt management.

Constan describes a shift away from issuing 10-30 year bonds for deficit financing and debt refinancing, favoring the use of short-term bills. He refers to this as a 'treasury twist,' emphasizing its intent to control long-term interest rates rather than simply respond to a disinflationary, poor growth trend.

Constan has previously refuted inaccurate reporting on Oracle's $7.5 billion share sale, offering clarification on the SEC filing timeline and process in a prior article. He also highlighted questions about Blue Owl and IREN's $2.4 billion senior secured deal, as noted in an earlier report. These earlier commentaries reflect Constan's focus on complex transaction structures and market interpretation.

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