The US Treasury reduced its quarterly sale of longer-term debt for a fourth straight time and laid out plans for cuts to a range of maturities in coming months, with the 20-year bond singled out for the biggest trimming.
The Treasury Department said in a statement in Washington that it will sell $98 billion of long-term securities at its so-called quarterly refunding auctions next week -- down from May’s $103 billion. It marks the longest string of declines in about eight years.
