美债市场紧盯季度发债安排，警惕美财政部祭出压低收益率的意外动作

Core Viewpoint - The bond market participants expect the U.S. Treasury to avoid significant adjustments to its bond issuance plan in the upcoming refinancing announcement, despite recent aggressive actions by the Trump administration in other financial sectors, which have raised investor concerns about potential unexpected moves to lower yields [1] Group 1 - The market anticipates that the quarterly refinancing bond auction size will remain at $125 billion, a level maintained since May 2024, marking the longest period of stability since the mid-2010s, when the total was less than half of the current amount [1] - The U.S. Treasury may reaffirm its previous guidance to keep the issuance of coupon-bearing bonds stable for "at least the next few quarters" [1] - The debate among market participants centers on whether the Bessent team will wait until 2027 to make any moves or if there is a possibility of reducing the issuance of the longest-term bonds to lower their yields [1]