"We work with DOGE to identify waste, fraud and abuse," the US Treasury said in a statement. "To that end, the IRS has rescinded a previously planned $1.90 billion contract and committed to focusing on and using taxpayer funds wisely. We have included project SoW and FPDS entries for full transparency. We look forward to continuing to work with the DOGE team to reduce waste."
The US Treasury on Tuesday cut the size of some of its benchmark Treasury security invite tenders for a second week in a row, seeking to retain borrowing capacity under the statutory debt ceiling. The Treasury said it planned to issue a four-cycle Treasury security of $85 billion on Thursday, down $5 billion from the previous Treasury security offering of the same maturity. The Treasury also announced that it would issue an eight-cycle Treasury security of $80 billion on Thursday, which was also...
The yield on the two-year Treasury bond fell 2 basis points in the short term to the latest 4.18%. The dollar index fell 15 points in the short term. US interest rate futures slightly raised the probability of the Federal Reserve cutting interest rates by 25 basis points this month to 70%. On the news, Federal Reserve Governor Waller favored a rate cut in December.
Total foreign holdings of Treasuries rose to $8.6729 trillion in September from $8.5034 trillion in August, the highest level on record and the fifth straight monthly rise, according to the latest data from the US Treasury on Monday. China's holdings fell $3 billion to $772 billion in September, while Japan's fell $6 billion to $1.123 trillion in September.
Mr. Summers, the former Treasury secretary, said that while the August non-farm payrolls report was not particularly bad, it did make it harder to predict how much the Federal Reserve might cut interest rates this month. "The data, while not showing very significant weakness, certainly won't give you a sense of relief if you're concerned about recent statistical trends," Mr. Summers said in an interview.
The rally continued on Tuesday, with the yield on the two-year Treasury bond falling to about 3.85 per cent from more than 5 per cent at the end of April. The gains over the past four months are the longest streak of gains since 2021. The move comes on expectations that the Federal Reserve will cut its base rate by more than two percentage points over the next 12 months, which would be the biggest drop since the 1980s outside of a downturn. For bond bulls, this poses a risk that if July...
With Franklin Templeton's use of USDC to enable tokenized fund purchases, the market cap of tokenized U.S. Treasuries has surpassed $1.50 billion, increasing RWA by 35% since April. BlackRock's BUIDL fund is a major contributor driving this growth, growing 65% since April, while Franklin Templeton's FOBXX money market fund is up 27%. Additionally, Franklin Templeton recently announced that it will support USDC as an on/off channel for the fund.
US Treasuries were hit by a triple whammy yesterday, with rising yields helping the broad dollar rally and all investor eyes on a series of upcoming eurozone inflation data...
US Treasury yields hit a new high for the year.