One Weird Trick

Published on October 23, 2023 by Premium

The Treasury appears to plan on further increasing the share of bill issuance to support the Treasury market. While Congress determines the size of the fiscal deficit, Treasury determines the composition of debt issuance. This discretion allows Treasury to influence financial conditions by adjusting the supply of duration. The most recent Treasury refunding agenda commissioned a study on an additional benchmark bill and the market's capacity for bill absorption, which suggests a further move towards […]

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