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Treasury should increase coupon issuance across the yield curve, including in TIPS. Some tenors like 5s, 10s, and 30s exhibit better liquidity and should absorb a higher percentage of the issuance increase. Increasing TIPS issuance by $1 billion per auction would reduce TIPS share below the recommended 7-9% range. Higher TIPS increases or adjustments to the issuance calendar may be needed. The optimal debt structure model shows higher projected costs and volatility compared to prior years due to increased d
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- Zerohedge
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