Treasury says new auction system will launch within months as buybacks near $500bn
Treasury plans to move its debt auctions to a new system within months, Deputy Secretary Francis Brooke said at Tuesday's Treasury Market Conference.
The timetable is new. Brooke said the system is in final testing and is intended to make auctions more reliable, secure and flexible.
Treasury has repurchased nearly $500bn of securities in more than 150 operations over the past two and a half years, according to the remarks. About $300bn involved securities with less than two years to maturity and was used for cash management.
The department also added more than $550bn of net bill supply in July and August. Brooke said money market mutual funds absorbed about 85 percent of that increase, with limited pressure on funding markets.



