Definition
The US Treasury's quarterly announcement of how it plans to borrow, including the sizes of its upcoming note and bond auctions.
The story
It comes out on a Wednesday in early February, May, August and November. In August 2026, the Treasury said it expected to keep its note and bond auction sizes unchanged "for at least the next several quarters." A surprise increase in planned borrowing can push longer-term yields higher.
Why markets watch it
More government borrowing means more bonds for investors to absorb, which can move yields.
Connects to
Treasury auctionTreasury bills, notes and bondsTreasury yieldTerm premium
Last seen in
We explain why it moves markets. What you do with it is your call. Commentary and education only. Not financial advice. All terms