Treasury is doubling selected long-bond buybacks to $4B per operation as the Fed considers another rate hike. The buybacks are not QE. Treasury still expects $739B of private borrowing this quarter. One policy supports bond-market functioning; the other can still tighten financial conditions. https://cryptoslate.com/bitcoin-uncertain-the-fed-and-treasury-are-pulling-the-bond-market-in-opposite-directions/(CryptoSlate)