JPMorgan expects the U.S. Treasury to avoid any changes in next week’s quarterly refunding plan that could be read as a signal of bigger bond issuance ahead, according to a report cited by ChainCatcher from Jin10. The bank’s view is that officials will likely steer clear of moves that could unsettle the bond market before the November midterm elections. JPMorgan also projects a $3.7 trillion funding gap over the next four fiscal years. In that context, it said officials should adjust long-term guidance on auction sizes to help meet the Treasury’s stated goal of “prudent debt management.” The report focuses on how issuance signaling and auction guidance may shape Treasury financing expectations over the coming years.
ChainCatcher reported, citing Jin10, that JPMorgan expects the U.S. Treasury to avoid making changes in next week’s quarterly refunding plan that might suggest larger bond issuance in the future, in an effort to avoid disturbing the bond market before the November midterm elections.
JPMorgan also expects a $3.7 trillion funding gap over the next four fiscal years. The bank said officials should adjust long-term guidance on auction sizes to meet the Treasury’s goal of “prudent debt management.”
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