The treasury says they will be borrowing over $100 billion less in the third quarter than previously estimated, 3 months ago. This is as a result of the scaled-back pace of Fed’s quantitative-tightening program, which lowers their borrowing needs.

So, the big question is, does this give the FED a window to wait until Sept. to cut rates, or because the economy is tanking, do they join in and cut rates now, which would mean even less need to borrow as much, because the interest rates would be lower? How convenient, just before the election.