A Drought of Treasury Bills Risks Muddying End of Fed's Balance-Sheet Tightening [BNN Bloomberg (Canada)]
Bank of America Corporation (BAC)
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Source: BNN Bloomberg
The government is expected to indicate further cuts to T-bill issuance for the May to July period on Wednesday. Bank of America Corp. expects $401 billion less net T-bill supply for the second quarter. Wells Fargo & Co. sees a $321 billion reduction, while Goldman Sachs Group Inc. is looking for $250 billion fewer bills. Traders are wary that the dwindling amount of notes available could fall far short of demand, roiling money markets. It's a mismatch that two years ago drove investors to park trillions of dollars in a key Federal Reserve facility. This time around it risks muddying the path for the central bank to end its balance-sheet tightening. “We think there is a real risk of an acute supply-and-demand imbalance at the front-end, where demand will outstrip supply,” said Mark Cabana, head of US rates strategy at Bank of America. “It's mind-blowing because it flips all the ‘Who is going to buy all the Treasury supply?' logic on its head.” Draining Supply The US's reductio
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