STATEMENT

Treasury Borrowing Advisory Committee recommends keeping auction sizes unchanged

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The minutes record the Committee's unanimous recommendation to maintain current nominal coupon, FRN, and TIPS auction sizes for the upcoming quarters.

Source summary

The Treasury Borrowing Advisory Committee met in a closed session on February 3, 2026, to review fiscal projections, dealer forecasts, and investor demand trends and to provide issuance guidance. Treasury staff reported large swings in Q1 FY2026 receipts and outlays, dealers reduced FY2026-28 borrowing estimates by $258 billion and signaled a potential $1.1 trillion privately-held funding shortfall in FY2027-28. The Committee discussed SOFR-indexed FRNs, alternative buyback mechanisms, and a proposal to issue 7-year notes quarterly with reopenings, and unanimously recommended maintaining current nominal coupon, FRN, and TIPS auction sizes.

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Latest fact check

TBAC minutes from February 3, 2026 show that, after discussion, the Committee unanimously recommended that Treasury maintain nominal coupon, FRN, and TIPS auction sizes at current levels for the upcoming quarters. Treasury communications surrounding the meeting reaffirm this conclusion, including a February 4, 2026 press release. Based on these sources, the claim is accurate.

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Update · Feb 04, 2026, 08:21 PMTrue
TBAC minutes from February 3, 2026 show that, after discussion, the Committee unanimously recommended that Treasury maintain nominal coupon, FRN, and TIPS auction sizes at current levels for the upcoming quarters. Treasury communications surrounding the meeting reaffirm this conclusion, including a February 4, 2026 press release. Based on these sources, the claim is accurate.
Original article · Feb 04, 2026
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