The QRA (Quarterly Refunding Announcement) is a formal update by the U.S. Treasury Department, typically released in February, May, August, and November, that outlines:
- How much debt the U.S. government plans to issue.
- What types of Treasury securities will be used (e.g., T-bills, notes, bonds, FRNs).
- Auction schedules and issuance strategies.
- Potential changes in the composition or duration of debt.