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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
US TSYS/SUPPLY
Today's quarterly refunding announcement (0830ET/1330 UK) is not expected to bring any change in coupon auction sizes in the coming quarter, but there is some expectation that sizes will increase beginning either in the August or November refunding windows. More details in our Treasury Deep Dive here.
- The announcement is overshadowed by the prospect of Treasury soon running out of cash as it continues to run up against the debt limit.
- Analyst expectations for the “x-date” by when all available resources run out has been pulled forward in the past few months, through April’s key tax collections: it’s seen occurring some time between late July and mid-August (whereas previously several had expected September).
- And for most analysts, those estimates were made before Treasury Sec Yellen noted Monday that an x-date of June 1 was possible.
- We will know a bit more on Thursday May 4 when we get the monthly Treasury public debt statement, which could shed light on the headroom still available on extraordinary measures to avert default.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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