Report to the Secretary of the Treasury from the Treasury Borrowing Advisory Committee

April 29, 2025Letter to the Secretary Dear Mr. Secretary, Since the TBAC last met in early February, changes in US government policy and shifting economic projections, most notably higher-than-expected tariff rates, have led to significant movements across global asset markets. *Source: Bloomberg*Treasury yields are in %, "Current" is April 28th for Treasury yields and the S&P 500. "Current" is April 25th for the USD due to a reporting lag.*USD is the nominal broad trade weighted dollar as calculated by the Board of Governors of the Federal Reserve System. While shifts in the fiscal and economic outlook have driven much of these moves, market volatility and resulting investor response (whether realized or simply anticipated) has also played a significant role in the repricing.