The U.S. Treasury has targeted a $450 billion cash balance by the end of July, the debt ceiling deadline. To get there, the Treasury needs to spend its cash, which usually ends up on bank balance sheets, often in the form of money market funds.
"It's another indication of the cash-collateral imbalance in the financial system, and there does not appear to be significant relief in sight as Treasury cash balances are poised to continue to fall ahead of the debt ceiling deadline, and as Treasury bill issuance remains negative," said Dan Belton, fixed income strategist, at BMO Capital in Chicago.
With the Federal Reserve in the midst of its quantitative easing program, the U.S. central bank has been buying Treasuries both on the short- and long-end and flooding the financial markets with cash.
Increasing bubbles are dancing in the air.
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