The Treasury’s quarterly funding forecast was lower than the headline figure from three months ago, which should have been seen as good news by the market. Janet Yellen expects to borrow $760 billion in private net marketable debt in the January-March period, $55 billion less than she expected in late October. Markets are on edge ahead of this week’s refund announcement, and while the downward revision to estimates is a good start, details of the funding structure are expected to be announced on Wednesday.