The Treasury Department's New Buyback Program

Next week's refunding auctions are going to be 35 billion tens, 21 billion thirties, and 40 billion threes. In terms of mechanics and size, the Treasury is endeavoring to purchase up to between five and ten billion dollars a month in maturity greater than one year. The second question is will we be dealing with the debt ceiling issue, which means for all intents and purposes, the rundown of TGA is creating a QE impulse at the moment where the Fed is actively engaged in QT.