Minutes of the Meeting of the Treasury Borrowing Advisory Committee of the Securities Industry and Financial Markets Association August 1st

The Committee convened in a closed session at the Hay Adams Hotel at 11:15 a.m. All members, with the exception of Michelle Neal, were present. Counselor to the Secretary Craig Phillips, Fiscal Assistant Secretary David Lebryk, Acting Assistant Secretary for Financial Markets Monique Rollins, Director of the Office of Debt Management Fred Pietrangeli, and Deputy Director of the Office of Debt Management John Dolan welcomed the Committee. Other members of Treasury staff present were Dave Chung, Ken Phelan, Jared Roscoe, Rozlyn Engel, Tom Katzenbach, Chris Cameron, Mike Puglia, Renee Tang, Brandon Taylor, and Elisha Whipkey. Federal Reserve Bank of New York staff members Lorie Logan, Nathaniel Wuerffel, and Nick Steele were also present.Director Pietrangeli began with a discussion of key takeaways from this quarter. The first was that Treasury has forecasted $501 billion in net marketable borrowing during FY 2018 Q1.