One of the triggers in the rout on bonds in Sept/Oct of last year was rising US Treasury borrowing.However better growth and borrowing that was more-weighted towards short-duration turned the tide in all markets in late October. Since then, falling yields have helped the Treasury towards sustainability and stronger growth has improved tax receipts.With that, the Treasury announced today that it plans to borrow $760 billion this quarter, down from its $816 billion estimate in October. That's a significant difference and comes due to higher cash balances at the end of Q1 and estimates for higher tax receipts. On Wednesday we will find out on which duration the Treasury will borrow but the pict
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