v1.4.47Sep 3, 2026·1 min readBeta 2
Bond market keeps a reserve for auctions
The market no longer spends its auction reserve on placing older unsold bonds, so a government's quarterly bond sale finds buyers with cash.
Patcheconomybonds
What changed
- •Auctions come first. The bond market keeps half its target balance back for the next government auction and places leftover paper only from the cash above that.