Spotlight
UpdateLive NewsMacroeconomics & Policy

Treasury holds $125B refunding, changes 7-year note

New Street Desk ·

New Street Spotlight card: Treasury holds $125B refunding, changes 7-year note. Treasury's November refunding keeps 3-, 10- and 30-year auction sizes level with August and will move the 7-year note to a quarterly new issue from March 2027. The $125B sale refunds about $97B of privately held notes and bonds due Nov. 15, raising about $28B of new cash, Treasury says. Treasury expects to keep coupon and FRN auction sizes steady "for the next several quarters," dropping August's "at least." New Street View: The 7-year change alters how Treasury issues; the statement sets no new auction sizes for it. Source: U.S. Treasury.

Treasury’s November refunding keeps 3-, 10- and 30-year auction sizes level with August and will move the 7-year note to a quarterly new issue from March 2027.[1]

The $125B sale refunds about $97B of privately held notes and bonds due Nov. 15, raising about $28B of new cash, Treasury says.[1]

Treasury expects to keep coupon and FRN auction sizes steady “for the next several quarters,” dropping August’s “at least.”[1][2]

New Street View: The 7-year change alters how Treasury issues; the statement sets no new auction sizes for it.[1]

Sources

  1. U.S. Department of the Treasury, Quarterly Refunding Statement of Assistant Secretary for Financial Markets Hunter McMaster
  2. U.S. Department of the Treasury, Quarterly Refunding Statement of Deputy Assistant Secretary for Federal Finance Brian Smith

How to cite: New Street Desk, "Treasury holds $125B refunding, changes 7-year note," New Street, Nov. 4, 2026, https://newstreet.xyz/spotlight/2026-11-04-treasury-refunding/.