In another sign of an improving deficit picture, the Treasury on Monday said it expects to pay off debt in the current quarter for the first time in six years.
In a statement, Treasury said it now expects to pay off $35 billion of debt in the April-to-June quarter, compared to an earlier projection, given in February, that it would have to borrow $103 billion.
This will be the first quarter that Treasury has paid off debt since April-to-June period 2007.
The payoff ?is emblematic of the turn in budget finances from horrible, to grim, on their way to steadily better,? said Eric Green, global head of rates and foreign-exchange research at TD Securities.
Treasuries on the longer end of the yield curve weakened slightly after the news. The 10-year note was yield was up about a half a basis point up on the day at 1.668%, while the 30-year bond yield climbed more than 1 basis point on the day to 2.876%.
In a statement, Treasury said the changed projection related to higher receipts and lower outlays, but gave no details. The agency also said it expects to have more cash on hand than was previously assumed.
MarketWatch
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