Treasuries function as the benchmark asset in bond markets, underscoring their importance in borrowing rates and global financial conditions. As fears of higher future Treasury supply loom large, bond investors look to certain metrics to help understand how well the market is absorbing increasing levels of public debt. Changes in Treasury yields reflect underlying macroeconomic fundamentals, but they are also driven by central banks’ balance sheet management, the maturity profile of newly issued securities, and the market response when new debt comes to market. In this episode, we talk with Peter Ryan, Managing Director and Head of International Capital Markets and Strategic Initiatives at SIFMA, about the day-to-day mechanics of the Treasury market, how to interpret Treasury auctions, and how rising federal deficits are shaping the longer-term bond market outlook.