#2 UST Update: Treasury Issuance Update — Week of April 13–16 How Much Was Raised This Week Across the bill complex (4W, 6W, 8W, 13W, 17W, 26W, 52W): Roughly $650B–$700B issued this week This is right in line with the ongoing pace. Running Total Since August 1st You were at ~$21T coming into the week. Add this week: We’re now ~ $21.6T–$21.7T total issued Did Auctions Clear Cleanly? Yes. No issues. No disruptions. No stress signals. Everything continues to get absorbed without friction Foreign Demand (Keep This Simple) Bills continue to see strong participation Foreign / indirect demand remains solid in the front end No drop-off that matters. Global demand for short-term U.S. paper is still there Primary Dealers — Any Stress? No. Dealers are not getting stuck with supply. They’re participating where needed, but: They are not being forced to absorb outsized amounts week after week That’s the key. What Matters (Cut Through the Noise) Massive issuance continues System continues to absorb it No signs of funding stress No breakdown in demand No dealer pressure building Credit Markets Check Nothing concerning. No meaningful widening in credit spreads No stress showing up in IG or HY Credit is stable → system is stable Bottom Line Another ~$650B+ issued Total now ~$21.6T+ since August No stress, no cracks, no forced absorption The system is still doing exactly what it’s been doing: Handling massive supply without breaking