MBCC TH 1st August'23 - "US Treasury just announced ANOTHER $1 trillion issuance in debt in q3..whaaaa?"

After the entire US debt debacle, almost coming to a sovereign bankruptcy halt as US CDS traded wider, the US treasury just announced that they will NEED to issue another $1 trillion in debt in Q3 - why? What is happening?

Why the sudden need to raise more funds and why the CLEVER timing of the TGA rebuild matched the drop in RRR caught the market out.

LIQUIDITY IS KEY as it drives all asset classes…now the fun begins in q3..