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Guggenheim says Fed will delay tapering


Guggenheim/Scott Minerd/9-15-2021

“Bond yields could fall further as rising fiscal risks get priced in.”

USAGOLD note: We agree with Minerd on this. It is difficult to see how the Fed can engage in any serious tapering given the level of government debt that needs to be financed coupled with the dearth of Treasury debt buyers. The Wall Street Journal reported recently that almost 75% of the debt issued since the beginning of the pandemic has been taken up by the Federal Reserve.

bar chart showing the aggregate national debt held by the Federal Reserve

Source: St. Louis Federal Reserve [FRED], Board of Governors of the Federal Reserve System

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