The Fed ended QE in 2014 and began raising rates at the end of last year, and had signaled additional increases may come this year. The Treasury Department now muddies the waters with this new program, despite the obvious mismatch in obligations and funding vehicles.
I don't want to make too much of this, especially when you consider the scale of this move against the backdrop of the $13 trillion in federal debt. But it makes me wonder if anyone in the government has a firm grip on the tiller of funding management.