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Feb 1, 2024
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QRA In Line With Market Expectations
The Results
The Treasury’s quarterly refunding announcement (QRA) was the first of two major macro events to transpire on Wednesday. Leading up to this, on Monday, there was an indication that the net borrowing for the current quarter would be $760 billion, which is $55 billion lower than the initial $815 billion estimate, and the total funding needs for Q2 would be just over $200 billion, well below the past several quarters. On Wednesday, the compo...