Cumulative net decline in total bill supply of $250–300 billion due to incremental reductions in short‑dated bill auction sizes.
Source summary
The U.S. Treasury announced a $125 billion refunding to cover about $90.2 billion of maturing notes on February 15, 2026, raising roughly $34.8 billion in new cash. It will issue a $58 billion 3-year note, a $42 billion 10-year note, and a $25 billion 30-year bond with auctions scheduled February 10–12 and settlement on February 17. Treasury plans to maintain current nominal coupon, FRN, and TIPS auction sizes, expects the TGA could peak near $1,025 billion by late April, and released a tentative buyback schedule alongside a proposed rule to expand direct buyback access.