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Rates Spark: Refunding decision(s) potentially pivotal
There's been a change of Treasury Secretary since we had the last re-funding announcement in October 2024. New Treasury Secretary Scott Bessent could use the re-funding announcement due 8:30am (EST) Wednesday as an opportunity to impact guidance, if not the volumes themselves. The financing plans released on Monday contained nothing startling that could necessitate a change in the expected re-funding numbers, with the dominant view seeing a broad repeat of the sizes seen in the previous quarter. Typically short-term deviations in funding needs would be balanced through the bills program. Currently bills financing is ... (full story)