Oksana Koneva

Guidance does not suggest manipulation of long end will continue, Andy Constan notes

Guidance does not suggest manipulation of long end will continue, Andy Constan notes
TBAC signals lack clear long-end intervention

Andy Constan, founder and strategist at Damped Spring Macro, stated there is no obvious guidance from the Treasury Borrowing Advisory Committee (TBAC) that "The House" intends to further manipulate or reinforce the long end of the market.

Constan shared this assessment in reference to the TBAC questionnaire, highlighting the absence of signals regarding additional interventions at that end of the yield curve.

Constan has previously questioned the U.S. Treasury’s decision to issue fewer bonds despite ongoing strong performance relative to other developed markets, as reported in his earlier commentary. He has also commented that the difference between 48% and 56% net long positions for long/short equity funds is relatively insignificant, noting a narrow 1.2% return gap in a separate analysis. These recent remarks continue his focus on the implications of U.S. policy for market participants.

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