# U.S. Treasury's Debt Questionnaire Due Friday

> Wall Street watches Treasury's Friday questionnaire for long-end supply signals.
- Title: U.S. Treasury's Debt Questionnaire Due Friday · BigGo Finance
- Summary: Wall Street watches Treasury's Friday questionnaire for long-end supply signals. U.S. Treasury may reduce long-end bond issuance by eliminating 20-year bonds…
- Keywords: us treasury, treasury secretary, debt issuance, long-end bonds, treasury questionnaire, morgan stanley, citigroup, treasury bills, interest expenses, bond yields, finance, markets
- Source: BigGo Finance — https://finance.biggo.com/news/63aae8db-5c4b-4220-a434-33d6ce363e0e
- Author: BigGo Finance
- Published: 2026-10-15T21:25:20+00:00
- Read time: 1 min
- Topics: us treasury, treasury secretary, debt issuance, long-end bonds, treasury questionnaire, morgan stanley, citigroup, treasury bills, interest expenses, bond yields, finance, markets
## U.S. Treasury's Debt Questionnaire
The U.S. Treasury Department will send its routine debt issuance survey questionnaire to primary dealers this Friday.
## Market Views Questionnaire as Policy Signal
Wall Street views the questionnaire as a key signal for gauging Treasury Secretary Scott Bessent's next policy direction.
## Citigroup Analysis on Long-End Issuance
Citigroup analysis suggests the questionnaire may hint at reducing long-end issuance, potentially eliminating 20-year Treasury bonds.
## Morgan Stanley's Strategic Options
Morgan Stanley strategists note the Treasury could maintain status quo, shift issuance toward 2- to 7-year bonds, or set a short-term bill cap.
## Annual Interest Expenses Surpass $1 Trillion
Annual U.S. interest expenses have now surpassed $1 trillion, exceeding the defense budget.
## August 'Operation Twist' Impact
Bessent's August 'Operation Twist' briefly suppressed yields but broke the Treasury's decades-long 'regular and predictable' issuance principle.
## November Refunding Announcement Critical
The November refunding announcement, coming immediately after the midterm elections, is seen as a critical juncture for observing Treasury's strategic direction.
## Vishal Khanduja's Market Warning
Vishal Khanduja, Morgan Stanley's head of broad markets fixed income, stated current yield levels are problematic and next two refunding announcements will be crucial.
## Treasury Faces Strategic Options
The Treasury could maintain status quo, shift issuance toward 2- to 7-year bonds, or set a cap on short-term Treasury bill share.
## Ed Al-Hussainy's Taxpayer Perspective
Ed Al-Hussainy, Columbia Threadneedle Investments portfolio manager, argued shifting government financing toward 5-year maturity is optimal to curb yield increases.
## Key takeaway

U.S. Treasury may reduce long-end bond issuance by eliminating 20-year bonds to curb yields.