U.S. 2-year Treasury auction to be cut $1 bln next month

WASHINGTON, July 31 Wed Jul 31, 2013 10:33am EDT

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WASHINGTON, July 31 (Reuters) - The U.S. Treasury plans to cut by $1 billion the coupon auction size in two-year notes in the next month, Treasury Assistant Secretary for Financial Markets Matthew Rutherford said on Wednesday.

Rutherford said auction sizes for both two- and three-year notes will decrease by a further $1 billion in September or October.

The Treasury earlier on Wednesday said it planned to decrease coupon auction sizes due to the improvement in the government's fiscal position.

Rutherford told reporters the cuts in auction sizes would be more modest than the last time Treasury cut back, in 2010, as there is other debt that will mature soon, in five and seven-year notes.

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