Auction-Delay Decision Went Down to Wire Amid Debt-Limit ImpasseBy and
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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