I am concerned that the U.S. Treasury 2-year, 5-year, and 7-year auctions scheduled for April 25, 26, and 27 are likely to be cancelled or at least postponed because they all have an issue date of May 1. The government runs out of money on April 28 due to lack of Congressional action on a continuing resolution or debt ceiling increase; and Congress does not even return from vacation until April 24.
This same scenario happened a year or two ago, when my scheduled rollover of a 2-year Treasury note did not get executed; the principal was placed into a non-interest-bearing account at Treasury Direct without anyone informing me; I didn't know there was a problem until I failed to get any "discount" returned to my brokerage account; and I had to phone Treasury Direct to execute the rollover at a hastily-called makeup auction a week later after Congress acted. What a mess.
So if you have anything happening with Treasury securities for the rest of this month, keep watch on news about Congress and Treasury auctions. It's absurd that our national government repeatedly fails to take action until the last moment.
