Treasury Refunding Preview: Cash is king
|- If another sizable fiscal package does not come to fruition, the U.S. Treasury’s current financing schedule is not too far off from being well-suited to the financing need.
- But even if a big package is realized, we expect significant auction changes to be deferred until November. The U.S. Treasury’s incredibly high cash balance alleviates a good portion of the funding pressure that would normally arise from the passage of a large deficit-financed bill.
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