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The Debt Ceiling Drama is Approaching
The Macro Trading Floor
The US Treasury's T-Bill Issues
I wouldn't count on a different distribution style over the curve than what we typically see from the US Treasury. I don't think that they want to incentivize that, so I think the bill issues will be relatively low. The other thing I wanted to talk about is global bank reserves, because you are totally right under us on the US and have the same view through the quantitative tightening process. So it's not only a US story, but wherever you look at, we are reducing the pace of bank reserves injection into the economy.
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