Auction-Delay Decision Went Down to Wire Amid Debt-Limit Impasse

  • U.S. Treasury made call morning of Oct. 22 announcement
  • Episode shows pressure on debt managers during Congress debate

On Oct. 21, U.S. Treasury debt managers were huddling on conference calls late into the evening. The next morning, as has been standard practice for 40 years, the department was to announce its monthly auction of government notes, part of the reliable, predictable machinery that’s made Treasuries the world’s deepest and most-liquid bond market.

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