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US Treasury's bid to avoid debt-sale surprises made trickier by Fed

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For years, the Fed has been the Treasury's best customer but that will change as it prepares to let its balance sheet shrink.

Washington

THE US Treasury Department's debt-management unit likes sticking to one rule: Don't surprise the market. The Federal Reserve is about to make that task trickier.

For years, the US central bank has been the Treasury's best customer, accumulating US$2.46 trillion in US

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