We’ve lowered our projections for Treasury coupon issuance in the coming quarterly cycle.  Even in the unlikely event that Congress reaches an agreement on a pandemic relief bill this week, the Treasury has no pressing need for further increases in note and bond auction sizes in the near term.  In fact, the Treasury may be looking at coupon auction reductions at some point next year.  The composition of any such cutbacks would depend heavily on the outcome of the November election.