More NewsUS Treasury Debt Sales to Soar Claims BMA

US Treasury Debt Sales to Soar Claims BMA

The Bond Market Association (BMA) has released its first Quarterly Government Securities Issuance and Rates Forecast, projecting a sharp increase in US Treasury debt sales. The BMA expects net new issuance of $75 billion of treasury notes in the current quarter, brought about by a rising budget deficit. This projection represents a 67 per cent increase over net note issuance in the first quarter of 2003 and a 175 percent increase over the second quarter of 2002. The BMA Forecast also predicts that the Treasury Department will finish the quarter with a cash balance of $40 billion, approximately the same as the balance at the end of the second quarter of 2002. The BMA Forecast, which will be issued on a quarterly basis, reflects the results of a survey of members of the Association’s Government Securities Research Committee, comprised of trading strategists and research analysts with a focus on the U.S. government and agency securities markets.

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