This week's newsletter expands on our earlier comments on proposals to allow the Fed to pay interest on reserves

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Treasury Auction Schedule

May 12		May 13		May 14	May 15		May 16
Ann:	4-wk bill				Ann:	3/6-mo bills
Auc:	3/6-mo bills	Auc:	4-wk bills
					Settle:	Weekly bills 10-yr note 30-yr bond (r)
May 19		May 20		May 21	May 22		May 23
Ann:	4-wk bill				Ann:	3/6-mo bills 2-yr note 5-yr note
Auc:	3/6-mo bills	Auc:	4-wk bills
					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	1-yr	Total	4-wk	13-wk	26-wk	1-yr	Total	Date
20-Mar	31.0	24.0	22.0	--	77.0	3.0	3.0	9.0	--	15.0	20-Mar
27-Mar	24.0	24.0	22.0	--	70.0	-7.0	4.0	9.0	--	6.0	27-Mar
3-Apr	18.0	24.0	21.0	--	63.0	-13.0	4.0	7.0	--	-2.0	3-Apr
10-Apr	10.0	24.0	21.0	--	55.0	-21.0	5.0	6.0	--	-10.0	10-Apr
17-Apr	8.0	22.0	20.0	--	50.0	-23.0	2.0	5.0	--	-16.0	17-Apr
24-Apr	8.0	20.0	20.0	--	48.0	-16.0	-1.0	4.0	--	-13.0	24-Apr
1-May	14.0	20.0	20.0	--	54.0	-4.0	-4.5	0.5	--	-8.0	1-May
8-May	24.0	22.0	21.0	--	67.0	14.0	-5.0	-1.0	--	8.0	8-May
15-May	32.0	24.0	23.0	--	79.0	24.0	-4.0	0.0	--	20.0	15-May
22-May	32.0	25.0	24.0	--	81.0	24.0	-3.0	1.0	--	22.0	22-May
29-May	32.0	25.0	24.0	--	81.0	18.0	-3.0	0.0	--	15.0	29-May
5-Jun	24.0	25.0	24.0	15.0	88.0	0.0	-3.0	0.0	15.0	12.0	5-Jun
12-Jun	16.0	25.0	24.0	--	65.0	-16.0	-2.0	1.0	--	-17.0	12-Jun
19-Jun	16.0	25.0	24.0	--	65.0	-16.0	1.0	4.0	--	-11.0	19-Jun
26-Jun	16.0	25.0	24.0	--	65.0	-16.0	1.0	5.0	--	-10.0	26-Jun
3-Jul	22.0	26.0	25.0	15.0	88.0	-2.0	2.0	6.0	15.0	21.0	3-Jul
10-Jul	22.0	27.0	26.0	--	75.0	6.0	0.5	5.5	--	12.0	10-Jul

Cash Management Bills
in billions of dollars;projections in red

Announce	Auction	Settle	Mature	Length	Amount
12-May	14-May	15-May	16-Jun	32	27.0
13-May	15-May	16-May	31-Jul	76	30.0
28-May	29-May	3-Jun	16-Jun	13	16.0
9-Jun	11-Jun	12-Jun	19-Jun	7	15.0

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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
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	13.0			0.0
	30-yr bond	30-Jan	7-Feb	15-Feb	9.0	54.5	-32.5	0.0

	2-yr note	25-Feb	27-Feb	29-Feb	26.0			2.0
	5-yr note	25-Feb	28-Feb	29-Feb	16.0	21.8	20.2	2.0

Mar	10-yr note (r)	10-Mar	13-Mar	17-Mar	10.0	0.0	10.0	2.0

	2-yr note	24-Mar	26-Mar	31-Mar	28.0			2.0
	5-yr note	24-Mar	27-Mar	31-Mar	18.0	20.3	25.7	2.0

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	8.0			0.0
	2-yr note	21-Apr	23-Apr	30-Apr	30.0			2.0
	5-yr note	21-Apr	24-Apr	30-Apr	19.0	21.6	35.4	1.0

May	10-yr note	30-Apr	7-May	15-May	15.0			2.0
	30-yr bond (r)	30-Apr	8-May	15-May	6.0	74.0	-53.0	1.0

	2-yr note	22-May	28-May	2-Jun	31.0			1.0
	5-yr note	22-May	29-May	2-Jun	20.0	22.0	29.0	1.0

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

	2-yr note	19-Jun	24-Jun	30-Jun	31.0			0.0
	5-yr note	19-Jun	26-Jun	30-Jun	20.0	21.1	29.9	0.0

Jul	10-yr TIPS	7-Jul	10-Jul	15-Jul	8.0	0.0	8.0	0.0

	20-yr TIPS (r)	17-Jul	22-Jul	31-Jul	6.0			0.0
	2-yr note	21-Jul	23-Jul	31-Jul	31.0			0.0
	5-yr note	21-Jul	24-Jul	31-Jul	20.0	20.0	37.0	0.0

Aug	10-yr note	30-Jul	6-Aug	15-Aug	15.0			0.0
	30-yr bond	30-Jul	7-Aug	15-Aug	10.0	43.5	-18.5	1.0

	2-yr note	25-Aug	27-Aug	2-Sep	31.0			0.0
	5-yr note	25-Aug	28-Aug	2-Sep	20.0	22.0	29.0	0.0

Sep	10-yr note (r)	8-Sep	11-Sep	15-Sep	10.0	14.5	-4.5	0.0

	2-yr note	22-Sep	24-Sep	30-Sep	31.0			0.0
	5-yr note	22-Sep	25-Sep	30-Sep	20.0	19.1	31.9	0.0

*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
21-Apr	CMB	-20.0	-20.0	0.0	-20.0
22-Apr	CMB	-20.0	-20.0	0.0	-20.0
24-Apr	Bills	48.0	-13.0	0.0	-13.0
30-Apr	Coupons	57.0	35.4	-3.0	32.4	-74.2
1-May	Bills	54.0	-8.0	0.0	-8.0
8-May	Bills	67.0	8.0	0.0	8.0
15-May	Bills	79.0	20.0	0.0	20.0
15-May	Coupons	21.0	-53.0	-17.7	-70.7
15-May	CMB	27.0	27.0	0.0	27.0
16-May	CMB	30.0	30.0	0.0	30.0
22-May	Bills	81.0	22.0	0.0	22.0
29-May	Bills	81.0	15.0	0.0	15.0	43.3
2-Jun	Coupons	51.0	29.0	-2.9	26.1
3-Jun	CMB	16.0	16.0	0.0	16.0
5-Jun	Bills	88.0	12.0	-0.5	11.5
12-Jun	CMB	15.0	15.0	0.0	15.0
12-Jun	Bills	65.0	-17.0	0.0	-17.0
16-Jun	CMB	-43.0	-43.0	0.0	-43.0
16-Jun	Coupons	10.0	10.0	-1.2	8.8
19-Jun	Bills	65.0	-11.0	0.0	-11.0
19-Jun	CMB	-15.0	-15.0	0.0	-15.0
26-Jun	Bills	65.0	-10.0	0.0	-10.0
30-Jun	Coupons	51.0	29.9	-3.0	26.8	8.2
3-Jul	Bills	88.0	21.0	-0.5	20.5
10-Jul	Bills	75.0	12.0	0.0	12.0

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

Chart of the Week