The CBO has markedly worsened the deficit outlook since the last issuance update from the US Treasury in April. Expect the Treasury to communicate a sizable increase in the issuance target, but also expect them not to follow through on it. Let’s look at why.
![Debt Watch: Will the US Treasury spook markets with issuance in the QRA again?](https://stenoresearch.com/wp-content/uploads/2023/06/US-Debt-Watch-1080x675.png)