Tag Archive for Tbac

Government Heads For Budget Collapse

The US Treasury, running short of cash, announced a $15 billion, 6 day cash management bill to carry it through to June 15 tax collections and settlement of new notes and bonds. The government is massively overshooting Treasury Borrowing Advisory Committee (TBAC) borrowing estimates issued in May. As I pointed out in the Treasury update…

Treasury Gives TBAC, “On the one hand, on the other hand,” Gobbledygook

The TBAC (Treasury Borrowing Advisory Committee), consisting of representatives of the Primary Dealers, gives a quarterly report to the Treasury in which it discusses the economy and gives the Treasury an estimated schedule of the Treasury’s borrowing needs for the current and following calendar quarters. The Treasury first gives the TBAC an economic statement in…

Why Bernanke’s Gambit May Be Checkmated- Professional Edition EXPANDED PREVIEW

SPECIAL EXPANDED PREVIEW and free Radio Free Wall Street podcast. The Fed completed the first full week of its pumping campaign under QE2 this week with the purchase of $31 billion in Treasury notes, bonds, and TIPS. The total schedule for the first month calls for purchases of $105 billion. The initial round of purchases…

If You Thought You Smelled a Bull Movement, Just Wait – Professional Edition

The TBAC cut the amount of expected Treasury supply for the balance of the fourth quarter in recognition of the improvement in revenues that has already occurred and is likely to continue for the balance of the quarter. We began to note this improvement based on our daily tracking of Federal tax receipts soon after…