Within our latest CIO Special, 'T-Bill Torrent: what next after the U.S. debt ceiling deal?' we look to outline the next steps for investors as the U.S. Treasury looks to replenish its Treasury General Account (TGA) with a surge in supply.

We assess the impact on both rates and credit markets, equities as well as overall liquidity for markets attempting to find a home for over USD 1.1 trillion in freshly printed Treasury bills.    


We highlight the following:

  • The U.S. Treasury is expected to issue around USD 1.1 trillion of T-bills by the end of the year to replenish its empty TGA coffers.
  • Combined with the Fed's ongoing quantitative tightening, this could reduce liquidity at an annual rate of 6% leading to further outflows of bank deposits.
  • Going forward, shrinking bank deposits could create near-term headwinds for riskier assets – especially equities and high-yield bonds.

Download our full report

Our CIO Special is now available to download. Please refer to the Important Information at the end of the report for disclosures and risk warnings.



In Europe, Middle East and Africa as well as in Asia Pacific this material is considered marketing material, but this is not the case in the U.S. No assurance can be given that any forecast or target can be achieved. Forecasts are based on assumptions, estimates, opinions and hypothetical models which may prove to be incorrect. Past performance is not indicative of future returns. Performance refers to a nominal value based on price gains/losses and does not take into account inflation. Inflation will have a negative impact on the purchasing power of this nominal monetary value. Depending on the current level of inflation, this may lead to a real loss in value, even if the nominal performance of the investment is positive. Investments come with risk. The value of an investment can fall as well as rise and you might not get back the amount originally invested at any point in time. Your capital may be at risk.

The content and materials on this website may be considered Marketing Material. 
The market price of an investment can fall as well as rise and you might not get back the amount originally invested.  The products, services, information and/or materials contained within these web pages may not be available for residents of certain jurisdictions. Please consider the sales restrictions relating to the products or services in question for further information. Deutsche Bank does not give tax or legal advice; prospective investors should seek advice from their own tax advisers and/or lawyers before entering into any investment.