[JPMorgan Chase: US Treasury Expected to Be Increasingly Reliant on Short-Term Borrowing] According to Jinse Finance, on October 28th, JPMorgan Chase analysts pointed out that the US Treasury may increase its short-term borrowing when it announces its quarterly refinancing plan next week. They predict that the US Treasury's net borrowing from private investors will reach $2.038 trillion this year and rise to $2.202 trillion in 2027. Currently, the auction volume of Treasury bonds and medium- and long-term Treasury bonds is expected to remain unchanged, increasing from August 2027, with a more significant increase in two- to ten-year maturities. JPMorgan Chase believes that the issuance of short-term bonds will begin to grow earlier. Analysts stated, "After deducting the Fed's purchase and repurchase operations, this means that outstanding short-term US Treasury bills held by private individuals will increase by $401 billion in calendar year 2026 and by $991 billion in 2027… This will be the most concentrated year for short-term Treasury bond issuance since 2023."