The Treasury threw a surprise with more net paydowns last week, when net borrowing was expected. The expected drain on the system never materialized. But paydowns on the heels of January 16 individual tax receipts will end quickly. After that the pressure from Treasury borrowing will head toward peak levels right up to the April 15 tax deadline. Starting next week, the Treasury will be a net borrower. Click here to download complete report in pdf format (Professional Edition Subscribers).
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