Treasury quarterly refunding (QRA). How much duration the market must absorb; the shift to bills in 2023 was a stealth easing.
What to watch: Auction sizes; bills-versus-coupons mix. It arrives quarterly, and the effect typically lasts weeks.
It sits in tier 2 — Directional: Moves the index for days or weeks. Scheduled data releases, policy decisions, global spillovers, and the prices of money and energy. This is the tier most professional attention is spent on.
Its neighbourhood
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