The Goldman Sachs interest rate strategy team predicts in the latest Research Reports that the USA Treasury will maintain the nominal coupon bond auction scale in the upcoming quarterly Refinancing plan while moderately expanding the inflation-protected securities (TIPS).

Analysts pointed out: "We believe the Treasury is highly likely to retain the wording of 'at least maintaining the current scale of coupon bonds for the next several quarters.'"

Strategists warned that if this wording is discarded or if the language is significantly weakened without a clear alternative, it could trigger market concerns about increased duration supply, thereby raising duration premium pressure again.

Goldman Sachs expects the nominal bond auction scale to begin recovering in the third quarter of 2026.

According to the schedule, the USA Treasury will announce borrowing estimates on Monday and release specific issuance details on Wednesday. This forecast aligns with the general expectations in the current market and reflects policymakers' cautious stance in balancing debt management and market stability.