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A comment on The rich get richer and rates get lower. Parent comment

Re:The rich get richer and rates get lower by nostrademons on Tuesday August 31, 2021 @09:38AM (#28367904)
The Fed is a participant in that auction with a large ($80B/month) budget and a target interest rate of 0-0.25%, though. You don't have much of an incentive to bid low if you know the Fed is going to swoop in and buy the bonds anyway.
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Re:The rich get richer and rates get lower by panarky on Tuesday August 31, 2021 @12:39PM (#28370239)
Through July, $11.5 trillion of new Treasury securities have been issued.

The Fed buying $80B/month is less than 5% of what was issued.

Source: https://www.sifma.org/resources/research/us-treasury-securit...

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