US TREASURY LAYS OUT $125B REFUNDING PLAN The US Treasury will sell $58 billion in 3-year notes, $42 billion in 10-year notes, and $25 billion in 30-year bonds next week as part of a $125 billion refunding through April 2026, raising $34.8 billion in new cash. Auction sizes for coupon debt, floating-rate notes, and TIPS will remain unchanged for the next several quarters. Treasury said any future increases will depend on demand and issuance risks. The department plans to keep bill sizes near current levels in the near term, then cut short-dated bill auctions by late March, reducing net bill supply by $250–$300 billion by early May.(*Walter Bloomberg)