Quarterly Refunding Announcement
a.k.a. QRA, Quarterly Funding Announcement
The US Treasury's quarterly statement of how much it plans to borrow and which kinds of debt it will sell.
In plain English
The US Treasury's quarterly statement of how much it plans to borrow and which kinds of debt it will sell.
Four times a year, the US Treasury publishes its Quarterly Refunding Announcement (QRA). It says how much money the government needs to borrow and how it will split that between short-term bills and longer notes and bonds.
It used to be a sleepy event. Since the US started running very large deficits, it has become a market mover: a heavier load of long-dated debt can push longer-term yields up, which ripples into the dollar and stocks.
Keep this word for good
Your free Private Swap Lounge saves the terms you’ve learned and quizzes you on them. Portal under construction. Expected delivery date is December 01, 2026.