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2025-11-03 14:31:42
[Deutsche Bank: US Treasury Expected to Maintain Coupon Auction Size] In a report ahead of the November quarterly refinancing announcement, Deutsche Bank strategists stated that they expect the US Treasury to maintain the current size of its coupon bond auctions for another three months, with the focus returning to its forward guidance. This forward guidance, repeatedly reiterated since early 2024, states that the Treasury does not expect to increase the size of its coupon bond auctions "at least for the next few quarters." Overall, Deutsche Bank strategists believe that recent fiscal and policy developments support the Treasury maintaining its current guidance, suggesting that any increase in the size of coupon bond auctions may not occur until the second half of 2026 at the earliest. "We now expect the first increase to be announced in the August 2026 refinancing, a quarter later than previously projected."
