The US government raised $839bn this week via Treasury bill, floating-rate note
and 2-, 5- and 7-year note auctions, topping last year’s $834bn record. The
total came from 11 auctions and was largely used to repay maturing T-bill
principal; net new borrowing was only $106bn. Weekly net issuance previously
peaked near $362bn in March–April 2020 amid pandemic funding. Mischler Financial
Group’s head of rates sales and trading warned the record weekly issuance could
prompt investors to demand higher yields.
