Treasury Refunding: No Change To Auction Sizes As Bessent Deepens Reliance On Short-Term Debt

Treasury Refunding: No Change To Auction Sizes As Bessent Deepens Reliance On Short-Term Debt For yet another quarter, the Treasury's Quarterly Refunding offered no surprises, which considering the state of the US bond market is probably not a bad thing.  In its 8:30am ET report, the US Treasury retained its previous guidance for future debt issuance, signaling no change in note and bond auction sizes well into 2027 even as federal borrowing needs balloon to stratospheric levels (and will explode once the AI bubble bursts leading to catastrophic consequences for corporate bonds).  As for next week, the Treasury will hold $125 billion of refunding auctions, in line with estimates, which will be made up of: $58 billion...

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