The Treasury Refunding Announcement, officially the Quarterly Refunding Statement, is the US Treasury's quarterly financing plan for marketable debt. Running each quarter since the mid-seventies, it covers refunding, or replacing maturing debt, plus guidance on coupons, bills, inflation-linked debt and buybacks. It is not a survey, budget decision, debt-ceiling decision or Fed statement. Its yield-basis auctions let investors bid to set prices, so Treasury sets size while the market sets rates.
It is released quarterly in the first week of February, May, August and November. Borrowing estimates, or expected borrowing needs, appear Monday at 3 PM ET, followed by the statement, advisory reports and tables Wednesday at 8:30 AM ET. Refunding auctions follow at 1 PM ET, with 3-year notes Tuesday, 10-year notes Wednesday and 30-year bonds Thursday, settling near the 15th of the month. Holidays and debt-limit, or borrowing-cap, episodes can shift issuance toward bills and cash-management bills, while sizes stay anticipated and next date is announced each time.
What moves it is issuance, not market data: each bucket is a supply choice, not an index weight.
The November 1, 2023 refunding offered $112B to replace about $102.2B maturing, raising about $9.8B in new cash. It sold $48B of 3-year notes, $40B of 10-year notes and $24B of 30-year bonds, while holding 20-year bonds flat. Treasury said it would keep gradually raising coupons, likely for one more quarter, at a more moderate pace for longer dates. Markets read the smaller long-end rises as bond-friendly, and the 10-year yield, or market rate, fell from 4.90% to 4.83% after topping near 5%.
the refunding sets no rates and is not a Fed, or central bank, decision; Treasury sets sizes while investors set yields.
No historical data available
