According to CoinMeta, rate strategists at TD Securities, Gennadiy Goldberg and Molly Brooks, wrote in a report that the U.S. Treasury Department is expected to take preliminary steps to adjust the scale of Treasury bond auctions. The firm expects that when the Treasury Department releases its quarterly refinancing plan next week, it will not adjust the auction scale for interest-bearing Treasury bonds, but it may revoke previous guidelines that maintained the auction scale unchanged. The two strategists stated that changing the guidelines does not mean the Treasury Department will immediately alter the auction scale for Treasury bonds, but the change in guidelines should alert the market that an adjustment of the auction scale is imminent. TD Securities predicts that the Treasury Department will reduce the auction scale for 20-year and 30-year Treasury bonds in its February 2027 quarterly refinancing plan and expand the auction scale for 2-to-10-year Treasury bonds in May 2027. They believe that these adjustments will enable the Treasury Department to gradually reduce the supply of long-term Treasury bonds to address the rising premium on these maturities.