Given that US Treasury Secretary Scott Bessent is more proactive in managing US debt, Wall Street is making various inferences about the possibility of greater adjustments to the government's borrowing strategy in the coming months. Deutsche Bank, Morgan Stanley, and Citi believe that one option is more aggressive, which is to reduce the scale of long-term bond issuance. More likely, the US Treasury could release a signal during the quarterly refinancing meeting on November 4, indicating that future new financing will rely more on treasury bills and shorter-term treasury bonds, while further expanding repurchase operations to reduce the pressure on long-term treasury bond yields. In the field of US policymaking, which has always been known for being “regular and predictable,” Wall Street's rethinking highlights the uncertainty brought about by Bezent's actions. Meghan Swiber, managing director of Bank of America's interest rate strategy, said that the US bond market is entering “a new world of debt management.”

Given that US Treasury Secretary Scott Bessent is more proactive in managing US debt, Wall Street is making various inferences about the possibility that the government's borrowing strategy will be further adjusted in the coming months. Deutsche Bank, Morgan Stanley, and Citi believe that one option is more aggressive, which is to reduce the scale of long-term bond issuance. More likely, the US Treasury could release a signal during the quarterly refinancing meeting on November 4, indicating that future new financing will rely more on treasury bills and shorter-term treasury bonds, while further expanding repurchase operations to reduce the pressure on long-term treasury bond yields. In the field of US policymaking, which has always been known for being “regular and predictable,” Wall Street's rethinking highlights the uncertainty brought about by Bezent's actions. Meghan Swiber, managing director of Bank of America's interest rate strategy, said that the US bond market is entering “a new world of debt management.”