The Treasury Department just released the details of its next round of debt auctions. It looks like we'll get $37 billion in 3-year notes on Tuesday, $23 billion in 10-year notes on Wednesday and $15 billion in 30-year bonds on Thursday. Treasury also admitted that auction sizes will rise "gradually" in the medium term, and that it may get rid of 20-year TIPS auctions in favor of 30-year TIPS sales. The debt ceiling of $12.1 trillion will likely get tagged in the final quarter of 2009, but as we all know, that "ceiling" is a joke. Congress always increases it whenever necessary. Bond futures recently tagged the morning lows, and were down about
26/32 at last check.