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Breaking down the recent TBAC borrowing recommendations

Author: Content Editor
The Treasury Borrowing Advisory Committee's quarterly refunding announcements (QRA) have gained attention in recent years due to rising interest rates and increased fiscal deficits. The most recent QRA revealed a significant increase in planned debt issuance for the next few quarters. The composition of the debt issuance shows a forecasted increase in the proportion of T-bills, from 13% to 45%, which is higher than the historical average. This raises concerns about the Treasury's ability to manage market expectations and avoid surprising investors.

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