Investors are eagerly awaiting the Treasury Department's new borrowing plan, which will reveal the extent to which longer-term debt will be sold to fund a widening budget deficit. The plan comes hours ahead of the Federal Reserve's interest-rate decision.
-- The Federal Reserve ’s policy statement is setting up to be the No. 2 event on Wednesday, with investor focus instead likely to be on the Treasury Department ’s new borrowing plan , due hours ahead of the interest-rate decision.GM Hit With More Strikes While Stellantis Reaches Deal With UAW
Many bond dealers predict a refunding size of $114 billion, representing the same cadence of increases per each refunding security as laid out in the $103 billion August plan, which marked the first step up in issuance in more than two years. On Monday, the Treasury will set the stage for its issuance plans with an update of quarterly borrowing estimates, and for its cash balance. In August, officials penciled in net borrowing of $852 billion for October through December. Lou Crandall at Wrightson ICAP LLC says he’s not expecting any downward revision in Monday’s update.
That’s not the universal view, however. Wells Fargo, Goldman Sachs Group Inc., Barclays Plc and Morgan Stanley are among those expecting the Treasury to tilt this time more toward short-term securities, in part given the rise in long-term rates.Solid demand for Treasury bills, which yield well over 5%, means there would be ready buyers, but bills currently make up more than 20% of marketable Treasuries.
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Treasury Department Borrowing Plan Longer-Term Debt Budget Deficit Federal Reserve Interest-Rate Decision
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