The U.S. Department of the Treasury's latest "Treasury Assistant Secretary for Financial Markets Matthew Rutherford February 2013 Quarterly Refunding Statement", says, "The U.S. Department of the Treasury is offering $72 billion of Treasury securities to refund approximately $64.0 billion of securities maturing on February 15, 2013. This will raise approximately $8.0 billion of new cash.... Treasury expects to keep note and bond auction sizes stable in the coming months. Treasury believes that the current coupon issuance schedule and offering sizes for notes and bonds are adequate to address forecasted borrowing needs over the near term. As is typical during the tax season, in the coming weeks there will be a seasonal increase in borrowing needs ahead of the April 2013 filing deadline. Treasury plans to address this seasonal borrowing need through increases in regular bill auction sizes and cash management bills. Going forward, Treasury will continue to provide guidance to market participants regarding any changes in the fiscal outlook that might impact the government's financing needs." They comment on "Floating Rate Notes (FRNs)," "At the August 2012 Quarterly Refunding, Treasury announced plans to develop a floating rate note (FRN) program to complement our existing suite of securities and to help achieve our objective of financing the government at the lowest cost over time. On December 5, 2012, Treasury published an Advance Notice of Proposed Rulemaking (ANPR) soliciting public comments on the design details and terms and conditions relevant to the issuance of floating rate securities. The ANPR comment period closed on January 22, 2013. Treasury is currently reviewing the comment letters that have been received. We plan to issue a final rule on floating rate notes in the coming months, with the first FRN auction still estimated to be about a year away. This timeframe reflects Treasury's best estimate for implementing required auction regulations and IT systems modifications. Treasury will continue to provide additional information on the details of the program." Finally, note that Treasury Assistant Secretary for Financial Markets Matthew Rutherford is scheduled to speak at our upcoming Crane's Money Fund Symposium, which will be held June 19-21, 2013, at the Baltimore Hyatt Regency.