Larger US Deficits Pave the Way for Even More Treasury Bills [BNN Bloomberg (Canada)]
Citigroup, Inc. (C)
Last citigroup, inc. earnings: 4/15 08:00 am
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Source: BNN Bloomberg
The nonpartisan Congressional Budget Office last week upped its deficit estimate for 2024 to almost $2 trillion from about $1.6 trillion in February, signaling a higher threshold for federal borrowing. Total deficits are expected to equal or exceed 5.5% of GDP in every year from 2024 to 2034, it said. Those latest projections sounded the alarm on Wall Street, prompting analysts to revise trajectories for bill sales. While Treasury is well funded over the next two years due to recent coupon auction increases, the gap “widens measurably” into the 2030s, according to Citigroup Global Markets. Analysis of the long-term funding shortfall suggests the department has “few options but to grow T-bill share over time,” strategist Jason Williams wrote in a note to clients. The Treasury Borrowing Advisory Committee — comprising dealers, investors and other stakeholders — has recommended the Treasury skew future issuance toward shorter maturities where liquidity and investor demand is stronge
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