QRA preview: "Treasury will make its May refunding announcement Wednesday. While the current auction calendar will leave Treasury well financed through FY27, we do not think it will be adequate to meet the widening funding gap from FY27 and onward, and we continue to project a series of coupon auction increases beginning in February 2027. Accordingly, we expect Treasury to remove “at least” from the statement that “Treasury anticipates maintaining nominal coupon and FRN auction sizes for at least the next several quarters." If our expectations are realized, we think this could push intermediate yields higher." - JPM(zerohedge)