President Biden signed the debt ceiling agreement on June 3rd. There was also a decision to suspend the debt ceiling until 2025. Since our focus is macro impacts, we will not dive into most the provisions. Our take is that the stated Treasury plan to increase the coffers of the Treasury, the TGA, to $550 million from its current estimated balance of around $50 billion could pull some liquidity out of the economy over June and July. Additionally, restarting student loan payments will reduce spending by those impacted by this change. Since this was signed on June 3rd, new Treasury offerings are likely to be announced this coming week with settlement the following week. For those who want to keep an eye on this, the Tentative Auction Schedule of US Treasury Securities can be seen at the following link. –> LINK