Treasury Refunding: No Changes To Auction Sizes; Bessent Keeps "At Least" In Forward Guidance

Treasury Refunding: No Changes To Auction Sizes; Bessent Keeps "At Least" In Forward Guidance

Treasury Refunding: No Changes To Auction Sizes; Bessent Keeps "At Least" In Forward Guidance In our preview to this morning's Quarterly Refunding Statement, we said that we do not expect major changes and that, at most, the treasury might adjust its statement language to soften the forward guidance on possibly futures increase in coupon auction sizes with one likely change would be dropping “at least” while retaining the expectation for unchang…

Treasury Holds Coupon Auction Sizes Steady as Borrowing Needs Swell

The U.S. Department of the Treasury laid out its latest borrowing plans Wednesday. It will auction $125 billion in notes and bonds. This refunds $83.3 billion in maturing debt and pulls in $41.7 billion of fresh cash from private investors. The numbers match patterns from recent quarters. Yet they arrive against a backdrop of rising fiscal demands and an upward revision to second-quarter borrowing estimates. Details emerged in the department’s q…