U.S. Treasury to Release Quarterly Treasury Issuance Plan on the 4th

The US Treasury will release its quarterly refunding announcement on November 4, with markets focused on whether it will trim auction sizes for 20- and 30-year bonds or alter guidance that has kept issuance steady. At its August quarterly refunding, the Treasury said it expected to maintain coupon-bearing and floating-rate note auction sizes for at least the next several quarters based on anticipated borrowing needs, while signaling it would review possible adjustments to future issuance. Bloomberg reported that several primary dealers expect the Treasury to adjust its issuance guidance, with some anticipating changes to long-bond issuance plans extending into 2027. The outcome matters because shifts in long-end supply could affect term premiums and yields across the Treasury curve. Investors will watch the distinction between guidance language and actual auction sizes, since a cut to long-bond auctions has not yet been announced.