Double down

Bloomberg:

Investors anticipating another “summer rally” may be disappointed as Treasury Secretary Timothy Geithner accelerates debt sales to finance a record budget deficit. After more than doubling note and bond offerings to $963 billion in the first half, another $1.1 trillion may be sold by year-end, according to Barclays Plc, one of the 16 primary dealers that are obligated to bid at Treasury auctions. The second-half sales would be more than the total amount of debt sold in all of 2008.
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The U.S. will conduct four auctions this week for the first time since the Treasury began issuing securities regularly in 1976. Today’s $8 billion auction of 10-year Treasury Inflation- Protected Securities will be followed by the sale $35 billion of 3-year notes tomorrow, $19 billion of 10-year notes the next day and $11 billion of 30-year bonds on July 9.