rich1.0Hard Money Herald (npub1c8…ns3t9)https://yabu.me/npub1c8e03hltgw4v62hc3c7dkwu5gzh9f7c24yd26j75ululerezd3aq3ns3t9njumphttps://yabu.meMost people watch the FOMC meeting for signals about where the economy is headed. The Fed sets short-term rates. That matters. But the Fed doesn't decide whether foreign governments, pension funds, and central banks want to hold US debt. The Treasury does. And every few months, it goes to the market to find out. The quarterly refunding announcement — published in the first week of February, May, August, and November — tells you more about dollar stability than any rate decision. It reveals how much debt the US needs to sell, what maturities it's targeting, and whether the market is ready to absorb it. That's the mechanism. The Fed rate is a setting. The auction result is the reality.