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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: Knighty Tin who wrote (5612)5/5/2004 12:01:41 PM
From: mishedlo  Read Replies (1) of 116555
 
U.S. to auction $54 billion next week; new TIPS on tap
Wednesday, May 5, 2004 3:20:21 PM

WASHINGTON (AFX) -- The Treasury Department announced Wednesday that it would issue two new inflation-protected securities later this year

Starting in July, the Treasury will begin offering a 20-year TIPS instrument, followed by a 5-year TIPS starting in October

The Treasury will sell a total of $54 billion in securities next week to refund $32.8 billion in maturing notes as part of its quarterly refunding to finance government borrowing

The federal government will auction $15 billion of 10-year notes, $15 billion of 5-year notes and $24 billion of 3-year notes. In all, the offering will raise $21.2 billion in new cash

The government also said it's considering ending the practice of allowing 10-year notes to be reopened

The government expects to borrow $38 billion in the three months from April to June, the Treasury Department said on Monday. Earlier, the Treasury had said it expected to borrow $75 billion in the second quarter

The lower borrowing needs reflect higher receipts and lower expenditures than had been previously expected, the government said

For the third quarter, the Treasury Department said it expects to borrow $91 billion

In the first three months of the year, the government borrowed $146 billion, the largest amount on record.
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