Treasury Refunding: No Change To Auction Sizes As Bessent Deepens Reliance On Short-Term Debt

Treasury keeps auction sizes unchanged through 2027 as federal borrowing needs rise to $739B, increasingly relying on short-term T-bills; US debt reaches $40T. Rising T-bill reliance amplifies interest-rate shock risk post-November, potentially constraining venture capital for tech and triggering market volatility.