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

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


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