Treasury yields are 3-6 basis points lower today, despite yen intervention. That's a good sign ahead of today's refunding update.The initial projection for this quarter was $202 billion and the market reaction should be straight-forward: Anything higher will push up yields and anything lower will push down yields.Even if there is a miss, it will likely flow into T-bills so I don't see any particular risks further out the curve, though it will certainly speak to debt trajectory.BMO suggests small a chance the numbers could be lower:We have no strong bias in this regard other than to observe that the solid Q1 underlying growth figures – as evidenced by final sales to domestic purchasers – bode
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