'At minimum' removed from Treasury issuance guidance... US Treasury keeps auction sizes unchanged

The U.S. Treasury removed the word "at least" from its quarterly refunding guidance while keeping nominal coupon and floating-rate note auction sizes unchanged for the next several quarters, stopping short of committing to reduced long-term issuance. The November refunding auctions total $125 billion, refinancing roughly $97 billion of privately held maturing debt and raising about $28 billion in new cash. The language change preserves flexibility to adjust auction sizes later, which matters for dealers and investors gauging whether supply pressures in Treasuries will ease. Watch upcoming quarterly refunding statements and auction-size guidance for signals on whether the Treasury begins trimming longer-dated issuance.