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Nov 1 - The U.S. Treasury Department on Wednesday said it will slow the pace of increases in its longer-dated debt auctions in the November 2023 to January 2024 quarter and expects it will need one more additional quarter of increases after this to meet its financing needs.
Treasury has been increasing auction sizes to fund a budget deficit which is increasing due to several factors such as higher government spending, fueled in part by rising interest payments on federal debt stemming from the Federal Reserve's interest rate increases and quantitative tightening. The issuance details were announced hours ahead of the next interest rate decision from the Federal Reserve. U.S. central bank officials are broadly expected to leave rates on hold at 5.25%-5.50% for the second straight meeting, and ahead of the gathering a number of them had pointed to the sharp rise in bond yields since early summer as perhaps doing some of their work for them.
EMPHASIS ON MIDDLE DURATIONS This time, the Treasury focused its largest supply increases in short- and intermediate-dated auctions. Longer-dated debt, which has faced the brunt of the selloff over the past few months, saw more moderate increases. Two-year and five-year note auctions will be increased by $3 billion per month, and 3-year and 7-year note auctions will rise by $2 billion and $1 billion per month, respectively.
Some Treasury Inflation-Protected Securities auction sizes will also be increased, with a $1 billion increase in the December 5-year TIPS auction and January 10-year TIPS auction.
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