Andy Constan(@dampedspring):Coupon issuance (roughly 7 year wam) has been exactly the same for the last 2.5 years. Call it 3. The big bills issuance happens during the debt ceiling resolution in 2023 Q3 and was funded with RRP drawdown. But it took bills up 1.5TN so the numbers seem just wrong. Tbc wolf's current number is "correct" if you use bills outstanding and ignore the roll. I havent tried to recreate the 2024 garbage. My charts (one of which is the treasury TBAC) is the way to look at it. Frankly they could be even more outrageous if you just counted auctions as there are 52 7 day auctions and 13 28 day auctions etc. bottom line it's a mess

2026.09.30 21:55

Coupon issuance (roughly 7 year wam) has been exactly the same for the last 2.5 years. Call it 3. The big bills issuance happens during the debt ceiling resolution in 2023 Q3 and was funded with RRP drawdown. But it took bills up 1.5TN so the numbers seem just wrong. Tbc wolf's current number is "correct" if you use bills outstanding and ignore the roll. I havent tried to recreate the 2024 garbage. My charts (one of which is the treasury TBAC) is the way to look at it. Frankly they could be even more outrageous if you just counted auctions as there are 52 7 day auctions and 13 28 day auctions etc. bottom line it's a mess