The wording of the Fed's policy statement this week is particularly important – not so much for what it tells us about what the Fed will do next (that will depend on outside developments), as for what it tells us about how the Fed intends to m

Treasury Auction Schedule

Jan. 28		Jan. 29		Jan. 30		Jan. 31		Feb. 1
Ann:	4-wk bill			Ann:	10-yr note 30-yr bond	Ann:	3/6-mo bills
Auc:	3/6-mo bills 2-yr note	Auc:	4-wk bills 5-yr note
						Settle:	Weekly bills 20-yr TIPS 2-yr note 5-yr note
Feb. 4		Feb. 5		Feb. 6		Feb. 7		Feb. 8
Ann:	4-wk bill					Ann:	3/6-mo bills
Auc:	3/6-mo bills	Auc:	4-wk bills	Auc:	10-yr note	Auc:	30-yr bond
						Settle:	Weekly bills

Treasury Bill & Coupon Supply Calendars

Regular Weekly Bills
in billions of dollars; projections in red

Issue	Gross Offering				Net New Cash				Issue
Date	4-wk	13-wk	26-wk	Total	4-wk	13-wk	26-wk	Total	Date
6-Dec	29.0	21.0	20.0	70.0	4.0	-1.0	6.0	9.0	6-Dec
13-Dec	23.0	21.0	20.0	64.0	-5.0	1.0	6.0	2.0	13-Dec
20-Dec	20.0	21.0	20.0	61.0	-8.0	3.0	6.0	1.0	20-Dec
27-Dec	15.0	20.0	19.0	54.0	-13.0	4.0	5.0	-4.0	27-Dec
3-Jan	17.0	20.0	19.0	56.0	-12.0	4.0	5.0	-3.0	3-Jan
10-Jan	15.0	19.0	18.0	52.0	-8.0	3.0	4.0	-1.0	10-Jan
17-Jan	9.0	20.0	18.0	47.0	-11.0	4.0	3.0	-4.0	17-Jan
24-Jan	15.0	21.0	19.0	55.0	0.0	3.0	3.0	6.0	24-Jan
31-Jan	22.0	23.0	21.0	66.0	5.0	3.0	4.0	12.0	31-Jan
7-Feb	27.0	23.0	21.0	71.0	12.0	3.0	3.0	18.0	7-Feb
14-Feb	29.0	23.0	21.0	73.0	20.0	3.0	4.0	27.0	14-Feb
21-Feb	29.0	23.0	21.0	73.0	14.0	3.0	4.0	21.0	21-Feb
28-Feb	29.0	23.0	21.0	73.0	7.0	1.0	2.0	10.0	28-Feb
6-Mar	29.0	23.0	21.0	73.0	2.0	2.0	4.0	8.0	6-Mar
13-Mar	29.0	23.0	21.0	73.0	0.0	2.0	6.0	8.0	13-Mar
20-Mar	29.0	21.0	21.0	71.0	0.0	0.0	8.0	8.0	20-Mar
27-Mar	27.0	19.0	19.0	65.0	-2.0	-1.0	6.0	3.0	27-Mar

Cash Management Bills
in billions of dollars;projections in red

Announce	Auction	Settle	Mature	Length	Amount
12-Feb	13-Feb	15-Feb	17-Mar	31	17.0
27-Feb	28-Feb	3-Mar	17-Mar	14	12.0

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Notes and TIPS
in billions of dollars; projections in red

		Announce Date	Auction Date	Issue Date	Offering Amount	Maturing Amount	New Cash	Change in size from Previous Auction
Nov	10-yr note	31-Oct	7-Nov	15-Nov	13.0			0.0
	30-yr bond (r)	31-Oct	8-Nov	15-Nov	5.0	51.5	-33.5	0.0

	2-yr note	26-Nov	28-Nov	30-Nov	20.0			0.0
	5-yr note	26-Nov	29-Nov	30-Nov	13.0	19.2	13.8	0.0

Dec	10-yr note (r)	10-Dec	13-Dec	17-Dec	8.0	0.0	8.0	0.0

	2-yr note	21-Dec	26-Dec	31-Dec	22.0			2.0
	5-yr note	21-Dec	27-Dec	31-Dec	13.0	19.5	15.5	0.0

Jan	10-yr TIPS	7-Jan	10-Jan	15-Jan	8.0	19.4	-11.4	0.0

	20-yr TIPS	17-Jan	24-Jan	31-Jan	8.0			0.0
	2-yr note	24-Jan	28-Jan	31-Jan	24.0			2.0
	5-yr note	24-Jan	29-Jan	31-Jan	14.0	21.6	24.4	1.0

Feb	10-yr note	30-Jan	6-Feb	15-Feb	14.0			1.0
	30-yr bond	30-Jan	7-Feb	15-Feb	10.0	54.5	-30.5	1.0

	2-yr note	25-Feb	27-Feb	29-Feb	25.0			1.0
	5-yr note	28-Feb	28-Feb	29-Feb	15.0	21.8	18.2	1.0

Mar	10-yr note (r)	10-Mar	13-Mar	17-Mar	9.0	0.0	9.0	1.0

	2-yr note	24-Mar	26-Mar	31-Mar	26.0			1.0
	5-yr note	24-Mar	27-Mar	31-Mar	15.0	20.3	20.7	0.0

Apr	10-yr TIPS (r)	7-Apr	10-Apr	15-Apr	6.0	0.0	6.0	0.0

	5-yr TIPS	17-Apr	22-Apr	30-Apr	9.0			1.0
	2-yr note	21-Apr	23-Apr	30-Apr	26.0			0.0
	5-yr note	21-Apr	24-Apr	30-Apr	15.0	21.6	28.4	0.0

May	10-yr note	30-Apr	7-May	15-May	16.0			2.0
	30-yr bond (r)	30-Apr	8-May	15-May	7.0	74.0	-51.0	2.0

	2-yr note	22-May	28-May	2-Jun	27.0			1.0
	5-yr note	22-May	29-May	2-Jun	16.0	22.0	21.0	1.0

Jun	10-yr note (r)	9-Jun	12-Jun	16-Jun	10.0	0.0	10.0	1.0

	2-yr note	23-Jun	24-Jun	30-Jun	28.0			1.0
	5-yr note	23-Jun	26-Jun	30-Jun	17.0	21.1	23.9	1.0

Jul	10-yr TIPS	7-Jul	10-Jul	15-Jul	9.0	0.0	9.0	1.0

	20-yr TIPS (r)	17-Jul	22-Jul	31-Jul	7.0			1.0
	2-yr note	21-Jul	23-Jul	31-Jul	28.0			0.0
	5-yr note	21-Jul	24-Jul	31-Jul	18.0	20.0	33.0	1.0

*The "change in size from previous auction" refers to the change from the previous new issue; for reopenings, it refers to the change in size from the previous reopening in that maturity.

For the Agency Bellwether Coupon Offering Schedule, please click here.

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Combined Debt Service Cash Flow

+ is a payment to Treasury; - is a payment to Market; projections in red

Date	Type	Gross Issue	Net Borrowing	Interest / Discount*	Net Debt Service Payment	Monthly Total Net Debt Svc
31-Dec	Coupons	35.0	15.5	-2.7	12.7	24.0
3-Jan	Bills	56.0	-3.0	-0.8	-3.8
10-Jan	Bills	52.0	-1.0	-0.7	-1.7
15-Jan	Coupons	8.0	-11.4	-5.2	-16.6
17-Jan	Bills	47.0	-4.0	-0.7	-4.7
24-Jan	Bills	55.0	6.0	-0.8	5.2
31-Jan	Bills	66.0	12.0	-0.8	11.2
31-Jan	Coupons	46.0	24.4	-2.8	21.7	11.3
7-Feb	Bills	71.0	18.0	-0.8	17.2
14-Feb	Bills	73.0	27.0	-0.8	26.2
15-Feb	CMB	17.0	17.0	0.0	17.0
15-Feb	Coupons	24.0	-30.5	-22.1	-52.6
21-Feb	Bills	73.0	21.0	-0.8	20.2
28-Feb	Bills	73.0	10.0	-0.8	9.2
29-Feb	Coupons	40.0	18.2	-2.9	15.3	52.3
3-Mar	CMB	12.0	12.0	0.0	12.0
6-Mar	Bills	73.0	8.0	-0.8	7.2
13-Mar	Bills	73.0	8.0	-0.8	7.2
17-Mar	CMBs	-29.0	-29.0	0.0	-29.0
17-Mar	Coupons	9.0	9.0	-1.2	7.8
20-Mar	Bills	71.0	8.0	-0.8	7.2
27-Mar	Bills	65.0	3.0	-0.8	2.2
31-Mar	Coupons	41.0	20.7	-2.9	17.8	20.3

* Includes coupon interest payments excluding Fed, bill discounts, and auction premiums or discounts on reopenings.

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Overview: Mon, June 22

The wording of the Fed's policy statement this week is particularly important – not so much for what it tells us about what the Fed will do next (that will depend on outside developments), as for what it tells us about how the Fed intends to m

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