Don’t let anyone tell you this market is cheap. It’s not, it’s the most expensive in our lifetimes on a PEG basis.

https://twitter.com/NorthmanTrader/status/1210280982819016705

Ergo why buybacks are so popular https://t.co/LrEpdxE0lo

— Michael Lebowitz, CFA (@michaellebowitz) December 26, 2019

Last week alone, the Fed bought another $28 billion in treasuries while continuing to sell mortgage-backed securities on net. Because it's mainly about deficit-funding, not just liquidity. Excess UST supply + dollar shortage = they will create dollars to buy UST for a long time. https://t.co/snFZgT7oii pic.twitter.com/ytmuEP0g1g

— Lyn Alden (@LynAldenContact) December 26, 2019