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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