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The upcoming 30-year US Treasury auction might rattle markets
According to this quarter's latest TBAC-recommended US Treasury financing schedule, the Treasury might be looking to sell $306 billion in coupon notes and bonds in February. Within the same period, roughly $280 billion in US Treasury notes and bonds will mature, $77 billion of which are held by the New York Federal Reserve, which is not competing at US Treasury auctions. With no 30-year tenor maturing this quarter and the supply of Treasuries overcoming maturities by a significant amount, demand for this week’s 30-year auction will rely entirely on investors seeking to extend their portfolio's duration. This week's ... (full story)