The Treasury Borrowing Advisory Committee met on August 4, 2026, to discuss debt management strategies and market transparency. Attendees included Treasury officials, Federal Reserve staff, and primary dealers. Key topics included updated fiscal projections, with receipts showing a $55 billion net increase in customs deposits and $112 billion rise in withheld taxes. Outlays rose $120 billion at the Treasury Department due to higher interest costs. The committee noted a $1.45 trillion funding shortfall projected for FY2027-28. Primary dealers emphasized maintaining current coupon auction sizes through FY2026, with potential increases planned for 2027. Discussions also addressed reserve management, intraday repo implications, and transparency enhancements for secondary market transactions. The committee unanimously recommended sustaining current auction levels and revisiting forward guidance adjustments.
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