If so, it would make Treasury debt and other dollar-denominated investments less attractive.

Although not the case yesterday, it often happens that the 37 primary dealers in Treasury debt try to drive down prices ahead of an auction.

In all, a record $37 billion of new Treasury debt will be auctioned.

"The total publicly held Treasury debt is beginning to shrink."

Analysts expect the $51.45 billion of Treasury debt this week to weigh on bond prices.

Meanwhile, prices in the secondary market for Treasury debt showed few changes.

Gross interest on Treasury debt is approaching $350 billion a year.

"It was also apparent that the supply of new Treasury debt facing the market remains a major concern."

The results suggested softer demand than expected for new Treasury debt.

Assume that the $50 billion needed is added to total Treasury debt of about $2.7 trillion.