The U.S. Treasury Q3 plan for 2024

The U.S. Treasury is set to borrow $740B in Q3 2024, targeting an end-of-September cash balance of $850 billion.

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This includes issuing long-term securities to finance it.

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Additionally, they are managing liquidity with short-term bills through regular weekly bill auctions and cash management bills (CMBs).

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Short-term bills are the thing to look at as they require frequent refinancing, pushing more liquidity from the TGA into the market.

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Attached below you see a chart displayed on Bitcoin and the impacts of each QRA release, note that they indicate a shift in the market, even if short-term.