Global Macro Service > Research Briefings > United States

Why Treasury’s borrowing needs are so uncertain now

We estimate the US Treasury will need to issue $1.2tn in marketable debt over the next two quarters as it continues to finance the nearly $3tn in stimulus measures approved since December. We expect Treasury to maintain nominal coupon auction sizes at current levels, boost the sizes of its inflation-protected TIPS auctions, and begin increasing bill supply in the July-September quarter after four quarters of paydowns.

To read the full briefing please
If you are not a subscriber, request a free trial of our Global Macro Service by filling out the form below