Report to the Secretary of the Treasury from the Treasury Borrowing Advisory Committee of the Public Securities Association

By Corzine, Jon S.

Description
Government Reference Publication

Excerpt
Excerpt: For the July/September quarter, the Committee recommends a minimum end-of-quarter cash balance of $30 billion, which would produce a marketable borrowing requirement of roughly $105 billion. Again, the aforementioned uncertainty of Desert Storm, etc., makes the latter call speculative. Under most circumstances, however, the Committee would call for a minimum August refunding of $39 billion. The Committee also would turn to substantial increases in the year bill cycle in the next quarter, as it is currently a relatively untapped source of funds. The Committee believes it is logical that, over time, the year bill size could be several billion dollars larger than 2-year note offerings. Therefore, in the July/September quarter, the group would recommend that auctions of year bills be at least $14 billion. More modest increases of $250-500 million should be adequate for the coupon cycles, while weekly bills should rise to $21-22 billion. Finally, a long-dated cash management bill will also be likely by mid-August. The key recommendations for the quarter, however, are continuing emphasis on the refunding and growth in year bill offerings.

Book Id: WPLBN0000684972
Format Type: PDF eBook
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Reproduction Date: 2005
Full Text

Title:

Report to the Secretary of the Treasury from the Treasury Borrowing Advisory Committee of the Public Securities Association

Author:

Corzine, Jon S.

Volume:

Language:

English

Subject:

Government publications, Economics., United States. Department of the Treasury--Appropriations and Expenditures.

Collection:

U.S. Department of the Treasury Collection

Subcollection:

Historic
Publication Date:

Publisher:

United States Department of the Treasury

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