Note from Lee: This makes $110 billion in net new issuance announced since the debt ceiling was lifted yesterday. The drawdown of the Fed’s RRP slush fund will soon be under way. A previously announced T-bill paydown of $75 billion will settle tomorrow, then $110 billion in new paper will be issued on October 18, 19, and 21.
These will be primarily funded from the Fed’s RRP slush fund which currently holds over $1.3 trillion in homeless cash. At this rate, we can guess how long the drawdown will take, assuming there’s a permanent suspension or lifting of the debt ceiling in December.
CUSIP: 912796N88
Term and Type: 40-Day Bill
CMB: Yes
Offering Amount: 60 Billion
Announcement Date: 10/14/2021
Auction Date: 10/19/2021
Issue Date: 10/21/2021
Maturity Date: 11/30/2021
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Booming Tax Revenues, Overheating Risk, and The Real Crisis Starts Now
