Treasury
Bessent's Bet: Why the Treasury's $270 Billion July Bill Push Just Turned Front-End Refinancing Into a Position Trade
The U.S. Treasury is issuing roughly $270 billion in bills this month, has pushed the bill share of marketable debt to 22 percent from a Treasury Borrowing Advisory Committee guideline of 15-20 percent, and is projected to sell $827 billion in bills across 2026 against $360 billion in 2025. Con