PDF MEMOS FROM THE RATES MARKETS
transmission of Fed easing into the economy is, perhaps, lower mortgage rates, which should support housing sales short term and free up consumer income via refinancings. 3Q 2019 4Q 2019 2H Total Treasury Issuance $433bln $381bln Maturities $272bln $310bln Net Issuance $161bln $71bln $232bln Source: US Treasury Dept. ................
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