Treasury announced a $45 B 4-week bill auction for Tuesday
Treasury announced a $45 B 4-week bill auction for Tuesday. This is a $10 B cut from last week's $55 B size, as expected, and is down from the $65 B amount from the late March offerings. The reductions are typical at this time of year as the debt managers look to offset the massive inflows of cash ahead of the April 17 filing deadline. Today's $90 B 3- and 6-month bill volume is unchanged from last week, but is down $6 B from the $96 B amount that persisted for six weeks up until March 26. Supply is light this week with just bills on the table. The 3-month Libor rate has finally edged lower after 41 straight session increases, in large part on the cut backs in bill volume. Analysts look for the bills to be raised again by early May, however.