Emergence of “Regular” and “Predictable” as a Trea

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Emergence of “Regular” and “Predictable” as a Treasury Debt Management Strategy: A Reprint from “Economic Policy Review”

During the 1970s, U.S. Treasury (UST) officials re

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By Kenneth D. Garbade (au)
Year: 2007
Pages: 19
Binding Paperback

Product Code: 1422315290

Description

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.

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