TFTC
· 1w
Treasury bought back $2 billion in debt.
$20.8 billion was offered. They accepted 10%.
https://blossom.primal.net/78152ebc83b4b5c74bcbbabacdab20d9e0e90991e6fc90c8adfa8e6b8f913df1.jpg
I may be reading too much into this but first blush, this tells me that banks are looking for liquidity and the Treasury doesn't want to supply it through this mechanism at least. Repo market is flat so not through that either. Also, between the lines, does this tells me the Treasury doesn't want its own debt? Plenty of funds in the TGA for purchasing if they desired