5min chapter

On The Margin cover image

Michael Kao on November Fed Meeting, Treasury Refunding, & Bond Market Bear Steepening

On The Margin

CHAPTER

Quarterly Refunding Amounts and Significance of Treasury Funding

This chapter explores the process of determining quarterly refunding amounts and how the United States government decides on its spending and funding. It also delves into the importance of the Treasury's choice between short-term bills and longer-term bonds. Additionally, the chapter discusses the supply argument and macrogravity argument in relation to re-pricing in the end of the curve, and concludes with a special offer from Blockworks research for listeners interested in DeFi protocols.

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