Biden's Treasury accused of trying to juice U.S. economy pre-election

[Farmer-Rick]

13. No, Wall Street, the Treasury Isn't Rigging the Economy for Democrats

"What’s wrong with their argument? The Treasury’s critics concede that they have no direct evidence that it’s trying to manipulate rates to get Democrats elected — say, a political directive from Yellen to Josh Frost, the assistant secretary for financial markets, who runs the Treasury’s quarterly refunding auction.

“We have never, ever discussed anything of the sort,” Yellen said last week in an interview with Bloomberg News.

The critics’ evidence is purely circumstantial, namely that the Treasury issued a lot of bills recently......

In fact, though, the Treasury has explained its modus operandi. It says it needed to issue a lot more debt than usual to restock the Treasury General Account, which is the government’s checking account. The government usually has more than $500 billion in the account, but it ran the account down to $23 billion in June of last year because of Congress’s delay in raising the debt ceiling."

https://www.nytimes.com/2024/07/29/opinion/treasury-janet-yellen-roubini.html