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The CME Group Analyzes

August 5 Treasury refunding Are you ready for increased long-term issuance

The May 6 refunding announcement brought record net issuance across the curve and $54 billion in new 20-year bonds. It also gave us forward guidance on longer-duration notes and bonds... “Committee members favored increasing issuance of long-term securities in light of the large increase in financing needs, the importance of managing rollovers, and the historically low level of interest rates.” — TBAC Minutes

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