A Quick Guide To The All-Important Treasury Refunding

This week's Treasury financing estimate and refunding announcement are a big deal. Indeed, as discussed briefly here, there's a strong argument to be made that the refunding announcement is more important than the October jobs report, or at least for the bond market. The narrative is simple: The most acute Treasury selloff in a generation (which threatens to make 2023 the third consecutive year of US government bond losses, a first in the history of the republic) is in no small part attributab