Just One More

Published on November 6, 2023 by Premium

The Quarterly Refunding Anouncement sparked a sizable decline in Treasury yields, but the rally may not last. The announcement was well received because it guided towards just one more increase in coupon sizes, a compositional skew towards medium term tenors, and a potential for further increases in the share of bills. These developments were positive relative to expectations, but the situation remains dire. The bond bear market may resume shortly as historically high levels of […]

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