Afonso Borges, a seasoned U.S. rate strategist at J.P. Morgan, joins to dissect the latest Treasury refunding announcement. The discussion highlights the stability of coupon sizes and the growing significance of TIPS auctions. They delve into the introduction of a shorter-term TIPS benchmark and explore how the Treasury is navigating fiscal projections and strategic management. Additionally, the conversation touches on near-term risks in the rates market, evaluating impacts from employment reports and unforeseen events.