An announcement Wednesday on refunding, entailing the size of Treasury auctions as well as the duration mix of the debt that will be issued, is expected to draw more market interest than usual.
US Treasury Secretary Janet Yellen delivers remarks at the Treasury Department's Committee on Foreign Investment in the United States conference at the Treasury Department in Washington, DC, on September 14, 2023.have been volatileThat's why an announcement Wednesday on refunding, entailing the size of auctions as well as the duration mix of the debt that will be issued, is expected to draw even more market interest.
"We think the US Treasury's upcoming quarterly refunding meeting might deliver a surprise relative to market expectations – in which the Treasury might decide to increase coupons at a lower pace than what its 'regular and predictable' strategy might have suggested in August," Guneet Dhingra, head of U.S. interest rate strategy at Morgan Stanley, said in a note to clients.
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