Treasury quarterly refunding announcement

  • 2, 3 and 5-year sales to rise $1 billion over next three months

  • To sell $34 billion 3-year, $26 billion 10-year and $18 billion 30-year notes

  • Will begin auctioning 2-month bills in October

  • Adjustments will result in $30 billion in new issuance in coming quarter

  • TIPS sizes to remain unchanged

The deficit is rising and that means more borrowing. Without the Fed buying, how much can the market take?