Swell, a Treasury secretary who doesn't understand how the Fed works.

When the Fed moves rates, it work specific short term rates, not long rates (e.g., the current yield on the 10-yr UST). The market moves longer rates, in expectation of factors like government spending, employment, movement in wages, inflation and demand for long term credit by individuals, businesses and government. Current yields on long term government debt is, in effect, the market commenting on where it thinks the price of borrowing should be.

Look at the currency in your wallet. It says "Federal Reserve Note" and is legal tender for all debts, public or private. The Treasury Department cannot print its own money"The Fed prints it and controls the money supply in this country through open market activities, I.e., buying or selling Treasury securities. The Treasury Secretary and the treasurer of the United States countersign the Federal Reserve notes in your wallet but doesn't issue that money.

Someone suggesting that Treasury will somehow take over Fed operations is beyond moronic. Were serious movement in this direction ever attempted the bond market"the most powerful force in the world"would convulse in a manner resulting in tremendous negative consequences for the US.

As for Jay Powell, he is by far the best personnel pick King Dotard I ever made. Powell has done an excellent job avoiding a recession. King Dotard II should stand up, take credit for hiring Powell, then sit down and STFU ...