PLW - As Fed Focuses On Taper It's About To Get (A Lot?) More Interesting In Bills

• In the absence of the 42-day Cash Management Bill, all that demand for it has to go somewhere.
• Yellen’s Department will try to supplement next Tuesday by reopening the August 10 issue of the 42-day, selling $45 billion of what will be essentially a 21-day CMB.
• It isn’t coincidence that the last several of these interesting periods for bills leading up to debt ceiling deadlines each coincided with transitionary phases out of reflation and into more serious dollar shortages.

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