The U.S. Treasury cash holdings with the Fed was $1.866 trillion as of December 30th. The Treasury now expects to borrow $274 billion in January through March, some $853 billion less than the previously projected in November, when it expected to borrow $1.127 trillion. The Treasury announced its cash balance estimate for the end of March as $800 billion. For the three months through June, the Treasury anticipates borrowing $95 billion through net new marketable debt issuance, assuming a cash balance of $500 billion at the end of the period. What would be the effect of this news on market price of different asset classes? How would you change your portfolio decision?