The recent human-computer duel with DeAgentAI was interesting, with the theme of betting on whether the Fed would secretly engage in quantitative easing - the kind of operation to buy back Treasury bonds.

My answer? Bet on human winning.

Many people will only stare at the minutes of the Fed's meeting, but don't forget that the Treasury Department is also tinkering. The T-bills they issue, that is, short-term Treasury bonds with a maturity of less than one year, are basically equivalent to cash flow.

A while ago, the Ministry of Finance engaged in a wave of debt repurchases, to put it bluntly, to recover long-term bonds that were not welcomed by the market. This trick seems to be a routine operation, but in fact it hides a mystery - another way of playing liquidity injection.