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Economic Commentary

Auctioning Treasury Securities

The U.S. Treasury expects to sell about a trillion dollars of new securities this fiscal year to finance a projected $400 billion budget deficit and to refinance maturing debt. Most of the securities will be issued through public auctions, where competition among bidders might be expected to minimize interest payments on the debt.

The views authors express in Economic Commentary are theirs and not necessarily those of the Federal Reserve Bank of Cleveland or the Board of Governors of the Federal Reserve System. The series editor is Tasia Hane. This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License. This paper and its data are subject to revision; please visit for updates.

Suggested Citation

Stevens, Edward, and Diana Dumitru. 1992. “Auctioning Treasury Securities.” Federal Reserve Bank of Cleveland, Economic Commentary 6/15/1992.