The Treasury Borrowing Advisory Committee convened a closed session on May 5, 2026, to review debt management developments, market outlooks, and operational issues. Attendees included Deputy Assistant Secretary Brian Smith, Director Fred Pietrangeli, and Deputy Director Tom Katzenbach, with representatives from the Federal Reserve Bank of New York and Citigroup. Smith welcomed new members Russell Brownback and Rick Chan and noted a 272% increase in customs deposits. Director Steele highlighted a 7% rise in Health and Human Services outlays and a 17% fall in other agencies. Pietrangeli reported a projected $1.3 trillion shortfall in privately‑held net marketable borrowing for FY2027‑28. The committee also discussed progress on expanded central clearing, potential repo investments for excess Treasury cash, and unanimously recommended maintaining current auction sizes.
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