US Treasury Keeps Refunding Auctions Steady at $125 Billion While Signaling Future Debt Changes

The U.S. Department of the Treasury announced it is holding quarterly refunding auction sizes steady at $125 billion, matching the previous refunding. The plan will refund approximately $97 billion in privately held debt maturing November 15 and raise about $28 billion in new cash. The auctions include $58 billion in three-year notes, $42 billion in 10-year notes, and $25 billion in 30-year bonds. The Treasury anticipates keeping nominal coupon auction sizes unchanged for the next several quarters, though it signaled potential longer-term modifications to its issuance framework as it finances an annual deficit near $2 trillion.