On bills, “based on current forecasts, Treasury expects to maintain current auction sizes in benchmark bills in the coming weeks”; and in "late-August, Treasury anticipates issuing a short-dated cash management bill." Benchmark 10-year yields hit their highest since he took office last week, making them all the costlier for the government. The problem is that current auction sizes won’t leave the Treasury in position to raise fresh cash as time goes on, which means the T-bill share of debt will climb inexorably if issuance isn’t changed. The Treasury Borrowing Advisory Committee in the past has advised the Treasury to seek an average of 20% for the share of T-bills, but officials haven’t offered their own clear guidance on where their tolerance level may lie. For now, demand remains robust for bills, from money market funds to the Fed - which has been recycling maturing mortgage securities into bills.