WASHINGTON -- The Treasury Borrowing Advisory Committee of the Public Securities Association says an "acute and protracted shortage" of 30-year Treasury bonds could develop resulting from the department's decision to cut the bond's annual issue nearly in half.

"Although the committee does not believe that the foregoing criteria for an ~acute and protracted shortage' are fully met at present, a situation could possibly develop wherein Treasury's credibility in dealing with such situations might be challenged given the financing strategy announced last May," said minutes of the group's November 3rd meeting.

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