There was a relief rally on Friday where the market broadened out in a big way with the Debt Limit being passed. The debt could not be increased above $31.4 trillion. The Treasury has held the debt flat for eight months because of this issue. The Federal Deficit is expected to be $1.5 trillion for 2023, therefore, the Treasury will need to issue an additional $1.1 trillion of Treasuries over the next 4.5 months. We would expect most of the borrowing will be done sooner rather than later.

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