Treasury Borrowing Advisory Committee meeting of 3 November 2026

The statements

United States

• Minutes of the Meeting of the Treasury Borrowing Advisory Committee November 3, 2026 2026-11-04 · finance · one of several topics in this statement

  Debt Office Director Pietrangeli described changes in federal receipts and outlays through Q4 FY2026 and projected a modest FY2027 funding shortfall that could likely be managed using bills, and a $2.14 trillion shortfall for FY2028-2029 based on current coupon auction sizes and privately-held bill supply, according to the median primary dealer forecast.

• Minutes of the Meeting of the Treasury Borrowing Advisory Committee November 3, 2026 2026-11-04 · finance · one of several topics in this statement

  Primary dealers reviewed by Debt Manager Dunsky almost all favored no change to the auction schedule, citing operational complexity of additional auctions on surrounding days as costlier than avoiding bill and FRN auctions on FOMC days.

• Minutes of the Meeting of the Treasury Borrowing Advisory Committee November 3, 2026 2026-11-04 · finance · one of several topics in this statement

  Debt Manager Elwyn summarized primary dealer views that the larger August 19 liquidity-support buybacks for the 10- to 20-year and 20- to 30-year sectors brought at least modest liquidity improvements, with mixed effects on client intermediation, and dealers made recommendations on communication, distribution and operation size.

• Minutes of the Meeting of the Treasury Borrowing Advisory Committee November 3, 2026 2026-11-04 · finance · one of several topics in this statement

  Deputy Director Katzenbach summarized dealer views that money market funds, stablecoins and SOMA may drive bill demand, that dealers expect coupon size increases by end-FY2027 focused on short and intermediate tenors, and that the Committee agreed exploring SOFR-indexed FRNs would be worthwhile.

• Minutes of the Meeting of the Treasury Borrowing Advisory Committee November 3, 2026 2026-11-04 · finance · one of several topics in this statement

  A presenter told the Committee that super intelligence sector borrowing is evolving and expected to rise in 2027, and asserted that competition for capital appears contained within the tech credit ecosystem with no clear evidence of crowding out Treasuries or non-tech credit.

• Minutes of the Meeting of the Treasury Borrowing Advisory Committee November 3, 2026 2026-11-04 · finance · one of several topics in this statement

  A presenter described why some investors use Treasury swaps and futures instead of cash Treasuries, citing accounting, financing cost and rollover risk factors, and suggested policy options to make cash Treasuries more attractive.

• Minutes of the Meeting of the Treasury Borrowing Advisory Committee November 3, 2026 2026-11-04 · finance · one of several topics in this statement

  The Committee unanimously recommended maintaining nominal coupon, FRN and TIPS auction sizes at current levels while considering changes to forward guidance language, and agreed that coupon size increases would likely be appropriate in the second half of FY2027, concentrated in the 2- to 10-year sector.