The Treasury again had to raise extra cash this week with an unscheduled Cash Management Bill (CMB) as its cash pile fell well below the levels necessary to pay the bills. In spite of that it was still a relatively easy week for the market to handle with just $8 billion in net new supply. That took some pressure off the Treasuries. In spite of that their performance was underwhelming, which raises the question of what will happen when the Fed isn’t there to absorb 100% of the new supply.
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