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TGA buybacks are just robbing Peter to pay Paul; fiscal concerns are the long-term shackles. The U.S. Treasury is using TGA account funds to conduct Treasury buybacks. Many in the market interpret this directly as monetary easing and a positive signal, but essentially this is just a debt maturity structure adjustment, a temporary fix that does not solve the root problem. The deep fiscal pressure in the U.S. has not been alleviated.#PCEToJacksonHole #AIMonetizationBroadens #BTCOptionsExpiryTest