US Rates: Treasury cannot live on T-bills alone

Treasury supply has been in focus recently as the resolution of the debt limit has brought with it over $700bn in T-bill supply over the last two months. In coming weeks, the focus will shift toward longer-duration supply, as Treasury will likely announce increased coupon auction sizes at the upcoming August refunding. We preview the quarterly refunding announcement with a medium-term perspective toward Treasury issuance, and the implications for rate levels. Speakers: John Barry Phoebe White This podcast was recorded on July 24, 2023. This communication is provided for information purposes only. Institutional clients please visit www.jpmm.com/research/disclosures for important disclosures. © 2023 JPMorgan Chase & Co. All rights reserved.