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Biden ramps up bond market role
Financial reports indicate that the U.S. Treasury Department is unexpectedly intervening in the bond market, announcing its intention to double its purchases of long-term government bonds at a minimum, in an effort to support the $32 trillion debt market. This intervention aims to reduce the costs of long-term borrowing, which have reached their highest levels in 19 years, amid criticism from financial experts who believe this move could weaken the department's credibility and oppose the Federal Reserve's efforts to control inflation, now at 3.7%. Federal Reserve Chair Kevin Warsh is expected to clarify his policy stance in his speech at the Jackson Hole conference, while investors face increasing pressure to stabilize financial markets despite diverging priorities between the central bank and the Treasury Department.
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