Course Reversal: When And Where Will The Treasury Make Coupon Cuts

zerohedge2021-07-15

This Friday, the Treasury will kick start its upcoming quarterly refunding meeting with the release of the primary dealer questionnaire at noon. An area rates traders will be closely focused on is the...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

figo00_99
2021-07-15
figo00_99
Bravo
- FrostTan:
  [鬼脸]
- FrostTan:
  [惊讶]
- FrostTan:
  [抠鼻]
- FrostTan:
  [傲娇]
- FrostTan:
  [微笑]
IZLIN
2021-07-15
IZLIN
@simplydkam @Sagi08 @Meow17heads up!
oneiminion
2021-07-15
oneiminion
Please like [Happy]

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/1171796369?lang=zh_CN&edition=full","thumbnail":"","is_english":true,"pubTime":"2021-07-15 08:45","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"1171796369","market":"us","top_or_hot":-1,"title":"Course Reversal: When And Where Will The Treasury Make Coupon Cuts","media":"zerohedge","content":"<div>\n<p>This Friday, the Treasury will kick start its upcoming quarterly refunding meeting with the release of the primary dealer questionnaire at noon. An area rates traders will be closely focused on is the...</p>\n\n<a href=\"https://www.zerohedge.com/markets/course-reversal-when-and-where-will-treasury-make-coupon-cuts\">网页链接</a>\n\n</div>\n","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Course Reversal: When And Where Will The Treasury Make Coupon Cuts</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCourse Reversal: When And Where Will The Treasury Make Coupon Cuts\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-15 08:45 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/course-reversal-when-and-where-will-treasury-make-coupon-cuts><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>This Friday, the Treasury will kick start its upcoming quarterly refunding meeting with the release of the primary dealer questionnaire at noon. An area rates traders will be closely focused on is the...</p>\n\n<a href=\"https://www.zerohedge.com/markets/course-reversal-when-and-where-will-treasury-make-coupon-cuts\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":".IXIC","symbol_name":"NASDAQ Composite","start_time":0,"source_url":"https://www.zerohedge.com/markets/course-reversal-when-and-where-will-treasury-make-coupon-cuts","article_id":"1171796369","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1171796369","pubTimestamp":1626309930,"columns":[],"sourceInfo":null,"weMediaInfo":null,"summary":"This Friday, the Treasury will kick start its upcoming quarterly refunding meeting with the release ","collect":0,"end_time":0,"defaultTopTitle":"zerohedge.com","property":[],"viewcount":null,"language":"en","relate_stocks":{".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"translate_title":"航向逆转：财政部何时何地削减息票","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9,"SPY":0.9},"content_text":"This Friday, the Treasury will kick start its upcoming quarterly refunding meeting with the release of the primary dealer questionnaire at noon. An area rates traders will be closely focused on is the potential cuts to coupon issuance –when, how big, and what maturities?\nSuch a move would represent a material reversal to a long-running trend: As DB's Steven Zend reminds us, between April and November 2020, the Treasury rapidly raised issuance sizes for coupon securities, taking gross monthly sales from around $225BN before Covid to currently around $370BN. As a result, at the current juncture, and absent any future fiscal \"shocks\", the Treasury stands to be overfinanced in the next few years.\nThis month, the CBO updated its baseline long-term deficit projections. As noted previously, relative to its March projections, the Congressional beancounters now project smaller deficits due to higher revenues from a stronger economy. As a result, after 2021,deficits are expected to fall significantly and average $1.2 trillion annually.In comparison, the Treasury’s coupon financing capacity looks too big, and according to Zeng's estimates it will generate $2.6 trillion in net issuance in FY2022, $2.2 trillion in FY2023, and $1.8 trillion in FY2024. All else equal, this suggeststhere is room to reduce coupon issuance as soon as this year and by half a trillion or more per year in the first two years.\nSo how should these cuts be allocated?\nAnswering this question, Zeng writes that reducing the issuance of short maturities has the benefit of allowing the Treasury to extend the average maturity of its debt and reduce future rollover risk. But cutting the long-end may be needed to address liquidity issues that have arisen with last year’s size increases, particularly in the 20yr sector. Additionally, large cuts to the long-end could also have market implications. Depending on the amount the Treasury ultimately decides, the DB strategists concludes that cuts could be allocated across the curve but skew to the long-end.\nIn any case, while the upcoming refunding is too early for this to happen, the Treasury will send a strong signal if it has these cuts planned for November, which Zeng thinks is realistic.","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":144428072,"gmtCreate":1626311135096,"gmtModify":1633928015349,"author":{"id":"4088662188281630","authorId":"4088662188281630","name":"figo00_99","avatar":"https://static.tigerbbs.com/6de88b71f8d91f226445f8c7b91fcf70","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"4088662188281630","authorIdStr":"4088662188281630"},"htmlText":"Bravo","listText":"Bravo","text":"Bravo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/144428072","repostId":1171796369,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5432342,"gmtCreate":1628133540018,"gmtModify":1635159646992,"authorId":4088478993191860,"author":{"id":4088478993191860,"idStr":"4088478993191860","authorId":4088478993191860,"name":"FrostTan","avatar":"https://static.tigerbbs.com/a60eb1833c05145b635bb465a4e8dffb","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":144428072,"type":1,"supId":0,"prevId":0,"content":"[鬼脸]","text":"[鬼脸]","html":"[鬼脸]"},{"id":5462708,"gmtCreate":1628418613543,"gmtModify":1635157024692,"authorId":4088478993191860,"author":{"id":4088478993191860,"idStr":"4088478993191860","authorId":4088478993191860,"name":"FrostTan","avatar":"https://static.tigerbbs.com/a60eb1833c05145b635bb465a4e8dffb","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":144428072,"type":1,"supId":0,"prevId":0,"content":"[惊讶]","text":"[惊讶]","html":"[惊讶]"},{"id":5584060,"gmtCreate":1629415613552,"gmtModify":1635147456208,"authorId":4088478993191860,"author":{"id":4088478993191860,"idStr":"4088478993191860","authorId":4088478993191860,"name":"FrostTan","avatar":"https://static.tigerbbs.com/a60eb1833c05145b635bb465a4e8dffb","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":144428072,"type":1,"supId":0,"prevId":0,"content":"[抠鼻]","text":"[抠鼻]","html":"[抠鼻]"},{"id":5629176,"gmtCreate":1629774212038,"gmtModify":1635143979969,"authorId":4088478993191860,"author":{"id":4088478993191860,"idStr":"4088478993191860","authorId":4088478993191860,"name":"FrostTan","avatar":"https://static.tigerbbs.com/a60eb1833c05145b635bb465a4e8dffb","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":144428072,"type":1,"supId":0,"prevId":0,"content":"[傲娇]","text":"[傲娇]","html":"[傲娇]"},{"id":5687890,"gmtCreate":1630282421185,"gmtModify":1635136159744,"authorId":4088478993191860,"author":{"id":4088478993191860,"idStr":"4088478993191860","authorId":4088478993191860,"name":"FrostTan","avatar":"https://static.tigerbbs.com/a60eb1833c05145b635bb465a4e8dffb","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":144428072,"type":1,"supId":0,"prevId":0,"content":"[微笑]","text":"[微笑]","html":"[微笑]"}],"langContent":"EN"},{"id":144420502,"gmtCreate":1626310990406,"gmtModify":1633928018661,"author":{"id":"3581848609787274","authorId":"3581848609787274","name":"IZLIN","avatar":"https://static.tigerbbs.com/f2241963762942310c858a3aae49c0d1","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3581848609787274","authorIdStr":"3581848609787274"},"htmlText":"<a href=\"https://laohu8.com/U/3582502706085184\">@simplydkam</a><a href=\"https://laohu8.com/U/3582026494482473\">@Sagi08</a><a href=\"https://laohu8.com/U/3581561113691319\">@Meow17</a>heads up!","listText":"<a href=\"https://laohu8.com/U/3582502706085184\">@simplydkam</a><a href=\"https://laohu8.com/U/3582026494482473\">@Sagi08</a><a href=\"https://laohu8.com/U/3581561113691319\">@Meow17</a>heads up!","text":"@simplydkam@Sagi08@Meow17heads up!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/144420502","repostId":1171796369,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":144483088,"gmtCreate":1626310133944,"gmtModify":1633928034604,"author":{"id":"4088392385154590","authorId":"4088392385154590","name":"oneiminion","avatar":"https://static.tigerbbs.com/37399cd4366ce5b166d0a35a9cfb7b53","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"4088392385154590","authorIdStr":"4088392385154590"},"htmlText":"Please like [Happy]&nbsp;","listText":"Please like [Happy]&nbsp;","text":"Please like [Happy]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/144483088","repostId":1171796369,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":41,"commentSize":3,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1171796369"}