The Treasury Department said it expects to borrow $127 billion in the third quarter and end with a $225 billion cash balance.
Treasury first estimated it would borrow $66 billion in the quarter.
For the fourth quarter, Treasury expects to borrow $270 billion, ending the calendar year with a $275 billion cash balance. For the fiscal year, Treasury anticipates borrowing $552 billion, down from $670 billion in fiscal 2014.
A combination of a "stronger-than-expected economy, higher Treasury rates, robust supply, and rich valuations resulting in choppy markets" have made the trading environment in H124 "quite difficult," according to Barclays.
Two rating agencies upgraded Los Angeles Unified School District's bond ahead of multi-billion dollar refunding.
The Basel III Endgame proposal to restructure capital holding levels comes under fire.
Friday price talk for the unrated tax-exempt paper was between 11% and 15%.
The board approved that step at its second quarter board meeting held this week.
The Inflation Reduction Act, affordable housing and clean energy were among the topics discussed at Baker Tilly's DevelUP conference in Chicago this week.
