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Treasury sets record $83 billion quarterly debt refunding
5 n6 T z5 l& i9 \' U" v L( ^ By Greg Robb，Published: Oct 31, 20181 `. L1 l1 ^% @' v
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Treasury introduces a new October 5-year Treasury inflation-protected security
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; n3 B( K5 R5 E" D* z) W The Treasury Department announced it will sell a record $83 billion in notes and bonds next week at its quarterly refunding auction. This is $5 billion larger than the package announced last quarter. The department also announced several changes to its inflation-protected security program. It introduced a new October 5-year Treasury inflation-protected security in 2019 and increase total TIPS issuance by $20 billion-$30 billion over 2019. The department said it is keeping the existing “one-TIPS-auction-per-month” issuance cadence.: e- l( t7 ?0 h
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What happened: The department will auction $37 billion in 3-year notes TMUBMUSD03Y, +0.86% on Nov. 5 and $27 billion in 10-year notes (TMUBMUSD10Y) on Nov. 6. The government will also sell $19 billion in 30-year TMUBMUSD30Y, +0.44% on Nov. 7. The department also announced modest increases to the auction sizes of other securities by a total of $27 billion this quarter.
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Big picture: The Treasury is on track to issue $1.34 trillion in new debt this year, more than double the amount in 2017. The Trump tax cuts and higher government spending are leading to higher borrowing needs. Former Fed Chairwoman Janet Yellen said Tuesday that she’s worried about the longer-term deficit outlook. She called for entitlement reform and tax hikes to bring down the federal deficit.
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發表於 2018-11-1 11:03:10