Greenspan's passing sparks debate over the future of the "put option"; U.S. Treasury curve fluctuates narrowly before market open

汇通财经2026/06/23 10:29

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Former Federal Reserve Chairman Alan Greenspan passed away on Tuesday at the age of 100. A column in The Wall Street Journal, titled “Can Markets Still Bet on the Greenspan Put?” discussed the issue, pointing out that the return of inflation after the pandemic has called into question whether that put option still exists and has sparked widespread debate about its advantages and disadvantages.
U.S. Treasury yields saw limited fluctuations ahead of Tuesday's session. The 2-year yield was last reported at 4.185%, the 10-year at 4.483%, and the 30-year at 4.939%. The 2s10s spread was about 29.5 basis points, and the 5s30s spread about 69 basis points. Yields across all tenors showed little change from the previous day as markets awaited the upcoming S&P Global Manufacturing and Services PMI preliminary readings and the results of the 2-year Treasury auction.
During his 19-year tenure as head of the Federal Reserve, Greenspan led the U.S. economy through several periods of global turbulence. However, he was criticized in the wake of the financial crisis for his non-interventionist approach to financial regulation. His passing has reignited market scrutiny of the evolution of the Federal Reserve’s policy framework and the historical concept of the “Fed put.”
Other focal points today include the Philadelphia Fed Non-Manufacturing Survey, the Richmond Fed’s Manufacturing and Services Indices, as well as the Treasury’s announcement of the 4-week, 8-week, and 17-week bills issuance amount and the subsequent 6-week and 2-year auction. The market will be watching for short-term demand signals and further guidance on the yield curve’s pattern.

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Greenspan's passing sparks debate over the future of the "put option"; U.S. Treasury curve fluctuates narrowly before market open

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