The U.S. treasury announces today they will re-issue a 20 Year Bond to Help fund the record borrowing needed this quarter. Not since 1986 has this maturity been issued. This month there will be $20 billion issued. The department said it would increase auction sizes across the curve by $154 billion but shift financing to longer-dated securities over the coming quarters.
It was not so long ago the Fed was unwinding their balance sheet now with this recent turn of events the National Debt is just under $25 Trillion. I think there will be an entirely different view of the balance sheet for years to come. Another “New Normal” will be set.