Economics
Mnuchin Set to Top Geithner Record as Treasury Auctions Grow
- Dealers predict refunding auctions to eclipse $81b record
- Treasury seen leaning more on maturities of five years or less
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U.S. Treasury Secretary Steven Mnuchin is set to snatch from Timothy Geithner the mantle of selling a record amount of notes and bonds as he seeks to finance America’s growing budget deficit.
Many strategists at primary-dealer firms predict that the Treasury will increase coupon-bearing debt sales at the quarterly refunding announcement on Oct. 31, likely taking the total amount of 3-, 10- and 30-year securities being offered at sales next week to an unprecedented level. Many also see issuance remaining skewed more heavily toward debt that matures in five years or less.