Eoin Treacy's view

The main argument is the Treasury is now increasing the quantity of debt issued so it more closely approximates the deficit.

Until now, the difference between spending and revenue raising, via debt, has been met with cash pulled from other areas of the government. That is now reaching its conclusion, so debt issuance has to increase to bridge the gap in funding. That siphons money out of the banking system and further tightens liquidity.
The process is helping to support the US Dollar and puts downward pressure on both stocks and precious metals.  

I did an extensive click through on the precious metals mining sector overnight. It’s not pretty. Only very small companies with unique circumstances are trending higher. Meanwhile, precious metals are susceptible to some further weakness as recent support levels are taken out.