There's another layer to this. The article mentions Warsh's interest in the Fed balance sheet shifting more to bills. What that would mean is the private market would have to absorb duration from the Fed which is inarguably bearish liquidity, and would be anathema to yield curve control. The two ideas cannot feasibly coexist unless there is a new ruleset put in place that forces pensions and savings institutions to hold wayyy more bonds than they do today, AND be forced to buy and hold them at yields significantly below what the free market demands as compensation for inflation. The Fed cannot implement control across the yield curve without EITHER absorbing duration in a price insensitive way themselves, or forcing savers to absorb duration in a price insensitive way. It has to go somewhere. If Warsh wants the Fed balance sheet to shift to bills, the only way to enforce YCC is by fucking the savers. Not sure the implications of this are being fully processed by the chatter on this topic.(𝐓𝐗𝐌𝐂)