The U.S. Treasury Department announced a $125 billion refunding from August to October 2025. Auction sizes for notes and bonds will remain stable, but Treasury Inflation-Protected Securities (TIPS) and T-bill auctions will see incremental increases. The Treasury will double the frequency of long-end nominal buybacks and increase cash management buybacks to boost market liquidity.

To improve liquidity, the Treasury plans to increase the frequency of liquidity support buybacks in certain nominal coupon pairs. The total size of liquidity support buybacks will rise from $30 billion to $38 billion per quarter. Cash management buybacks will also increase from $120 billion to $150 billion, excluding buybacks around the September tax date.

The Treasury will refund $89.8 billion of Treasury notes and bonds while raising $35.2 billion from private investors. T-bill issuance will be a focus this quarter, with further marginal increases in auction sizes expected. The department plans to maintain T-bill auction sizes through September and anticipate further increases in October.

Primary dealers estimate that Treasury could increase bill supply by $260 billion over a month and $600 billion over a quarter without significant price deviations. Treasury plans to maintain the 30-year TIPS reopening auction size at $8 billion in August, increase the 10-year TIPS reopening auction size to $19 billion in September, and increase the October 5-year TIPS new issue auction size to $26 billion.

Read more at Yahoo Finance: US Treasury keeps notes, bonds auction sizes steady, increases debt buybacks