The federal treasury department will not issue debt - linked FRNs until at least 2020 , according to Craig Philips , according to the secretary of the US Treasury . Philips said the department has decided to wait until after it reaches Project Titan , the planned end of its auction system .
The US Treasury department will not issue SOFR-linked FRNs until at least 2020, according to Craig Philips, counsellor to the secretary of the US Treasury. Philips said the department has decided to wait until after it completes Project Titan, the planned overhaul of its auction system.