Treasury Refunding Event Risk Clears Without Drama

Janet Yellen surprised markets earlier this week when Treasury cut its borrowing estimate for the current quarter. There were few surprises on offer in the details released on Wednesday. That's probably just as well. The undershoot on the aggregate financing projection was enough to bolster sentiment by itself, and pretty much ensured the refunding wouldn't be an impediment to additional gains for equities in the event this week's bevy of crucial macro inputs continued to argue for a soft landi

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