US Slows Pace of Increase in Quarterly Long-Term Debt Sales
- Upcoming quarterly refunding auctions to total $112 billion
- Treasury advises one more quarterly bump in coupon sales
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The US Treasury increased its planned sales of longer-term securities by slightly less than most dealers expected in its quarterly debt-issuance plan, helping spur a rally in bonds amid the possibility a wave of bigger supply will soon come to an end.
The Treasury said it will sell $112 billion of longer-term securities at its so-called quarterly refunding auctions next week, which span 3-, 10- and 30-year Treasuries, less than what many dealers expected. It also specified it now expects a single additional step up in quarterly issuance of longer-term debt — news that bolstered Treasury prices Wednesday given many forecasters had warned multiple quarterly bumps were needed due to budget deficits.