$276 Billion of U.S. Debt Sales Is Just Another Week Now
The Treasury Department has a packed auction schedule, and no one seems to care.
An extra $1 billion here, an additional $1 billion there ...
Photographer: Chris Ratcliffe/Bloomberg
It wasn’t so long ago that bond traders were obsessed with the increasing size of U.S. Treasury auctions and how the deluge of supply would affect interest rates in the world’s biggest bond market. Now, not so much.
The Treasury Department is issuing $276 billion in debt this week, spread out among bills, notes and floating-rate securities. That’s not quite a record — that would be the $294 billion it borrowed at the end of March — but the schedule still has its superlatives. The $38 billion two-year auction, $39 billion five-year offering and $31 billion seven-year sale are each the biggest for those maturities since mid-2010, when the U.S. was in the process of cutting back its post-crisis fiscal stimulus.