TBAC members: "increases in coupon auction sizes would likely be appropriate in the second half of FY2027," that "additional issuance should be concentrated in the 2- to 10-year sector," and "had a meaningful discussion about potential future changes to 20-year and 30-year issuance." Meanwhile, primary dealers "overwhelmingly expected Treasury to focus the eventual increases in short- and intermediate-dated tenors," and had "mixed views about market demand for longer-dated securities from liability-driven investors" (i.e., the pensions which have piled into Data Center SPVs thanks to Apollo).