Last year, the Treasury estimated Q1 borrowing needs at $816 billion, now expects to borrow $760 billionExpects to borrow $202 billion in the April-June quarter, assuming end-June cash balance of $750 billionSays it borrowed $776 billion in Q4, ended with cash balance of $769 billion.US 10-year yields were trading down 6.7 bps to 4.09% ahead of the announcement and 4.066% afterwards. This is much less than expected and very good for bonds and stocks. It should weigh on the US dollar at the margins. This article was written by Adam Button at www.forexlive.com.
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