Q: What is $11.4 trillion?
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And today Treasury announced it will sell $104 billion of debt next week, a new record. CNBC:
The sales will exceed the previous record of $101 billion set in auctions that took place in the last week of April and consist of two-year, five-year and seven-year securities. That record was matched by another $101 billion week in May.
Though next week’s total was broadly in line with expectations, worries about supply have weighed on the U.S. government bond market, which will see a mammoth $2 trillion worth of new debt issued this year.
By the way, the Fed’s balance sheet ticked up again this week, by $29.4 billion. The increase was due to more quantitative easing. In particular, Treasury holdings increased $10.9 billion, agency debt holdings increased $4.0 billion and MBS holdings increased $27.9 billion. (These increases were offset by Central Bank Swap Lines, which fell $15.6 billion).