U.S. Government Sets Record for Debt Auctions - ABI

The Treasury Department auctioned seven-year notes, closing the door on a record year for sales of longer-term debt in 2019, the Wall Street Journal reported. The auction lifted the total of notes and bonds sold by the U.S. government with maturities ranging from two to 30 years to $2.55 trillion, a 26 percent increase from 2017, when Congress and President Trump agreed to massive corporate tax cuts. Aggregate demand at U.S. government debt auctions has remained stable in recent years, with investors and bond dealers submitting bids totaling more than twice the amount of notes and bonds for sale. That comes even though yields on the securities have swung from multi-year highs to multi-year lows during the period. While total demand has held steady, some of the bidders taking away the securities at auction have changed, according to Treasury data. ABI

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