The U.S. Treasury did not clearly indicate that it plans to reduce the size of long-term Treasury auctions, a signal that pushed longer-dated U.S. government bond yields modestly higher. Ahead of its quarterly refunding announcement scheduled for Nov. 4, the Treasury sought feedback from primary dealers on its funding plans. Based on the information provided, that consultation did not produce a clear message that issuance of long-term Treasuries could be cut in the near term. The source did not disclose the scale of the yield move or provide additional detail on any possible issuance adjustment.
According to ChainCatcher, the U.S. Treasury did not clearly signal that it would reduce the size of long-term Treasury auctions, a development that nudged long-term U.S. bond yields slightly higher.
Before the quarterly refunding announcement due on Nov. 4, the Treasury asked bond dealers for feedback. It did not, however, send a clear indication that it may cut long-term Treasury issuance in the near term.
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