Treasury Borrowing Advisory Committee report on Treasury yields and issuance, 4 November 2026

The statements

United States

• Report to the Secretary of the Treasury from the Treasury Borrowing Advisory Committee 2026-11-04 · finance · one of several topics in this statement

  The Committee says Treasury yields rose since August, led by the front end, with the move attributed mainly to stronger economic activity, persistent energy-supply disruptions and Federal Reserve rate hikes and projections. It says some of the increase has since reversed.

• Report to the Secretary of the Treasury from the Treasury Borrowing Advisory Committee 2026-11-04 · finance · one of several topics in this statement

  The Committee reports that the Federal Reserve raised its target range by 25 basis points to 3.75%–4.00% in September and that its projections pointed to higher rates for longer. Markets were pricing further increases.

• Report to the Secretary of the Treasury from the Treasury Borrowing Advisory Committee 2026-11-04 · finance · one of several topics in this statement

  The Committee says the technology financing cycle is in its early stages and that Treasury auctions show no evidence of crowding out long-end demand. It recommends continued monitoring as issuance grows.

• Report to the Secretary of the Treasury from the Treasury Borrowing Advisory Committee 2026-11-04 · finance · one of several topics in this statement

  The Committee says derivatives enhance Treasury demand and lists policy options, including regulatory changes and repo measures, that could further improve demand for cash Treasuries.

• Report to the Secretary of the Treasury from the Treasury Borrowing Advisory Committee 2026-11-04 · finance · one of several topics in this statement

  The Committee judges the buyback program effective for liquidity and says maturity management should be done through auction size changes. It recommends keeping coupon auction sizes unchanged this quarter with increases later in FY27.