MNI BRIEF: Fed Review Must Incorporate Many Scenarios - Kugler

MNI BRIEF: Fed's Kugler Says Makes Sense To Hold For Some Time

MNI BRIEF: Job On Inflation Not Done, Care Needed - BOE Pill

MNI BRIEF: Mexico Inflation Down To 3.59% In January

MNI BRIEF: Tariffs Force CBRT To Hike 2025 Inflation Forecast

MNI China Daily Summary: Friday, February 7

MNI: US DEC CONSUMER CREDIT +$40.8B

MNI: BAKER HUGHES US RIG COUNT 586; OIL RIGS 480; GAS RIGS 100

BAKER HUGHES CANADA RIG COUNT 249; OIL RIGS 177; GAS RIGS 72

GERMANY: Economy Ministry Lowers 2025 Growth Forecast As Expected

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

GERMANY: Kukies Considers Potential Non-Implementation Of 2024 Suppl' Budget

© 1982-2025 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

US TSYS/SUPPLY: TIPS Upped, Buyback Program "Broadly Meeting Objectives" (2/2)

US TSYS/SUPPLY
USBulletMarketsFixed Income BulletsNorth America

TIPS sizes were increased for the upcoming quarter as follows, as expected: "Over the February to April 2025 quarter, Treasury plans to maintain the February 30-year TIPS new issue auction size at $9 billion, increase the March 10-year TIPS reopening auction size by $1 billion to $18 billion, and increase the April 5-year TIPS new issue auction size to $25 billion." The quarterly auction schedule is here (PDF).

  • And there is some note of the debt limit in the Bill Issuance section, though unsurprisingly there is very limited detail and nothing new: "Since January 21, 2025, Treasury has been using extraordinary measures to finance the government on a temporary basis. Until the debt limit is suspended or increased, debt limit-related constraints will lead to greater-than-normal variability in benchmark bill issuance and significant usage of CMBs."
  • And as expected, Treasury is transitioning the 6-week cash management bill to benchmark status, expected for the Feb 18 auction.
  • The latest buyback schedule was released (schedule, PDF) for the upcoming quarter, with the first operation on Feb 12 and the last on May 6. "Treasury anticipates that over the course of the upcoming quarter it will purchase up to $30 billion in off-the-run securities across buckets for liquidity support and up to $22.5 billion in the 1-month to 2-year bucket for cash management purposes."
  • TBAC studied the effectiveness of the buyback programs and concluded (PDF): "The Committee found, and dealer feedback confirms, that the program is broadly meeting its stated objectives of liquidity support and cash management, and that there is no pressing need for change."
260 words

To read the full story

Close

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.

TIPS sizes were increased for the upcoming quarter as follows, as expected: "Over the February to April 2025 quarter, Treasury plans to maintain the February 30-year TIPS new issue auction size at $9 billion, increase the March 10-year TIPS reopening auction size by $1 billion to $18 billion, and increase the April 5-year TIPS new issue auction size to $25 billion." The quarterly auction schedule is here (PDF).

  • And there is some note of the debt limit in the Bill Issuance section, though unsurprisingly there is very limited detail and nothing new: "Since January 21, 2025, Treasury has been using extraordinary measures to finance the government on a temporary basis. Until the debt limit is suspended or increased, debt limit-related constraints will lead to greater-than-normal variability in benchmark bill issuance and significant usage of CMBs."
  • And as expected, Treasury is transitioning the 6-week cash management bill to benchmark status, expected for the Feb 18 auction.
  • The latest buyback schedule was released (schedule, PDF) for the upcoming quarter, with the first operation on Feb 12 and the last on May 6. "Treasury anticipates that over the course of the upcoming quarter it will purchase up to $30 billion in off-the-run securities across buckets for liquidity support and up to $22.5 billion in the 1-month to 2-year bucket for cash management purposes."
  • TBAC studied the effectiveness of the buyback programs and concluded (PDF): "The Committee found, and dealer feedback confirms, that the program is broadly meeting its stated objectives of liquidity support and cash management, and that there is no pressing need for change."