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Emergence of “Regular” and “Predictable” as a Treasury Debt Management Strategy: A Reprint from “Economic Policy Review”
Kenneth D. Garbade (au)
During the 1970s, U.S. Treasury (UST) officials revised the framework within which they selected the maturities of new notes & bonds. Previously, they chose maturities on an offering-by-offering basis. By 1982, the UST had ceased these “tactical” sales & was selling notes & bonds on a “regular & predictable’ schedule. This article describes that key change in the TST’s debt mgmt. strategy. In 1975, UST officials financed an unusually rapid expansion of the fed. deficit with a flurry of tactical offerings. Because the timing & maturities of the offerings followed no predictable pattern, the sales sometimes took investors by surprise, disrupting the market. These events led UST officials to embrace a program of regular & predictable issuance. Tables.
Politician Goes to War: The Civil War Letters of John White Geary
Rudy!: An Investigative Biography of Rudy Giuliani
Wordsworth Dictionary of the American West
Assassin: From Lincoln to Gandhi
Kilims: Decorating with Tribal Rugs
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