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In the Quarterly Refunding due Wednesday May 4, the US Treasury is expected to make further cuts to coupon auction sizes.
Reductions are expected to be focused primarily in the 7 to 30 Year segment of the nominal curve.
Treasury's May 2 update on financing requirements suggests that risks to sell-side expectations for auction sizes (which were mostly made last week, see table below) lie primarily to the downside.

Date	Time	Amt	Security	CUSIP
4-May	1130ET	$30B	119D-Bill	(912796XU8)
5-May	1130ET	$35B	4W-Bill	(912796V89)
5-May	1130ET	$30B	8W-Bill	(912796W88)

9-May	1130ET	TBA	13W-Bill	5-May
9-May	1130ET	TBA	26W-Bill	5-May
10-May	1300ET	TBA	3Y Note	4-May
11-May	1300ET	TBA	10Y Note	4-May
12-May	1130ET	TBA	4W-Bill	10-May
12-May	1130ET	TBA	8W-Bill	10-May
12-May	1300ET	TBA	30Y Bond	4-May

16-May	1130ET	TBA	13W-Bill	12-May
16-May	1130ET	TBA	26W-Bill	12-May
17-May	1130ET	TBA	52W-Bill	12-May
18-May	1300ET	TBA	20Y Bond	12-May
19-May	1130ET	TBA	4W-Bill	17-May
19-May	1130ET	TBA	8W-Bill	17-May
19-May	1300ET	TBA	10Y TIPS R/O	12-May

23-May	1130ET	TBA	13W-Bill	19-May
23-May	1130ET	TBA	26W-Bill	19-May
24-May	1300ET	TBA	2Y Note	19-May
25-May	1130ET	TBA	2Y Note FRN R/O	19-May
25-May	1300ET	TBA	5Y Note	19-May
26-May	1130ET	TBA	4W-Bill	24-May
26-May	1130ET	TBA	8W-Bill	24-May
26-May	1300ET	TBA	7Y Note	19-May

31-May	1130ET	TBA	13W-Bill	26-May
31-May	1130ET	TBA	26W-Bill	26-May
2-Jun	1130ET	TBA	4W-Bill	31-May
2-Jun	1130ET	TBA	8W-Bill	31-May

6-Jun	1130ET	TBA	13W-Bill	2-Jun
6-Jun	1130ET	TBA	26W-Bill	2-Jun
7-Jun	1300ET	TBA	3Y Note	2-Jun
8-Jun	1300ET	TBA	10Y Note R/O	2-Jun
9-Jun	1130ET	TBA	4W-Bill	7-Jun
9-Jun	1130ET	TBA	8W-Bill	7-Jun
9-Jun	1300ET	TBA	30Y Bond R/O	2-Jun

13-Jun	1130ET	TBA	13W-Bill	9-Jun
13-Jun	1130ET	TBA	26W-Bill	9-Jun
14-Jun	1130ET	TBA	52W-Bill	9-Jun
16-Jun	1130ET	TBA	4W-Bill	14-Jun
16-Jun	1130ET	TBA	8W-Bill	14-Jun

22-Jun	1300ET	TBA	2Y FRN R/O	16-Jun
22-Jun	1300ET	TBA	20Y Bond R/O	16-Jun
23-Jun	1300ET	TBA	5Y TIPS R/O	16-Jun

27-Jun	1300ET	TBA	2Y Note	23-Jun
27-Jun	1300ET	TBA	5Y Note	23-Jun
28-Jun	1300ET	TBA	7Y Note	23-Jun

11-Ju;	1300ET	TBA	3Y Note	7-Jul
12-Jul	1300ET	TBA	10Y Note R/O	7-Jul
13-Jul	1300ET	TBA	30Y Bond R/O	7-Jul

20-Jul	1300ET	TBA	10Y TIPS	14-Jul
21-Jul	1300ET	TBA	20Y Bond R/O	14-Jul

25-Jul	1300ET	TBA	2Y Note	21-Jul
26-Jul	1300ET	TBA	5Y Note	21-Jul
27-Jul	1300ET	TBA	2Y Note FRN	21-Jul
28-Jul	1300ET	TBA	7Y Note	21-Jul

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In the Quarterly Refunding due Wednesday May 4, the US Treasury is expected to make further cuts to coupon auction sizes.
Reductions are expected to be focused primarily in the 7 to 30 Year segment of the nominal curve.
Treasury's May 2 update on financing requirements suggests that risks to sell-side expectations for auction sizes (which were mostly made last week, see table below) lie primarily to the downside.

Date	Time	Amt	Security	CUSIP
4-May	1130ET	$30B	119D-Bill	(912796XU8)
5-May	1130ET	$35B	4W-Bill	(912796V89)
5-May	1130ET	$30B	8W-Bill	(912796W88)

9-May	1130ET	TBA	13W-Bill	5-May
9-May	1130ET	TBA	26W-Bill	5-May
10-May	1300ET	TBA	3Y Note	4-May
11-May	1300ET	TBA	10Y Note	4-May
12-May	1130ET	TBA	4W-Bill	10-May
12-May	1130ET	TBA	8W-Bill	10-May
12-May	1300ET	TBA	30Y Bond	4-May

16-May	1130ET	TBA	13W-Bill	12-May
16-May	1130ET	TBA	26W-Bill	12-May
17-May	1130ET	TBA	52W-Bill	12-May
18-May	1300ET	TBA	20Y Bond	12-May
19-May	1130ET	TBA	4W-Bill	17-May
19-May	1130ET	TBA	8W-Bill	17-May
19-May	1300ET	TBA	10Y TIPS R/O	12-May

23-May	1130ET	TBA	13W-Bill	19-May
23-May	1130ET	TBA	26W-Bill	19-May
24-May	1300ET	TBA	2Y Note	19-May
25-May	1130ET	TBA	2Y Note FRN R/O	19-May
25-May	1300ET	TBA	5Y Note	19-May
26-May	1130ET	TBA	4W-Bill	24-May
26-May	1130ET	TBA	8W-Bill	24-May
26-May	1300ET	TBA	7Y Note	19-May

31-May	1130ET	TBA	13W-Bill	26-May
31-May	1130ET	TBA	26W-Bill	26-May
2-Jun	1130ET	TBA	4W-Bill	31-May
2-Jun	1130ET	TBA	8W-Bill	31-May

6-Jun	1130ET	TBA	13W-Bill	2-Jun
6-Jun	1130ET	TBA	26W-Bill	2-Jun
7-Jun	1300ET	TBA	3Y Note	2-Jun
8-Jun	1300ET	TBA	10Y Note R/O	2-Jun
9-Jun	1130ET	TBA	4W-Bill	7-Jun
9-Jun	1130ET	TBA	8W-Bill	7-Jun
9-Jun	1300ET	TBA	30Y Bond R/O	2-Jun

13-Jun	1130ET	TBA	13W-Bill	9-Jun
13-Jun	1130ET	TBA	26W-Bill	9-Jun
14-Jun	1130ET	TBA	52W-Bill	9-Jun
16-Jun	1130ET	TBA	4W-Bill	14-Jun
16-Jun	1130ET	TBA	8W-Bill	14-Jun

22-Jun	1300ET	TBA	2Y FRN R/O	16-Jun
22-Jun	1300ET	TBA	20Y Bond R/O	16-Jun
23-Jun	1300ET	TBA	5Y TIPS R/O	16-Jun

27-Jun	1300ET	TBA	2Y Note	23-Jun
27-Jun	1300ET	TBA	5Y Note	23-Jun
28-Jun	1300ET	TBA	7Y Note	23-Jun

11-Ju;	1300ET	TBA	3Y Note	7-Jul
12-Jul	1300ET	TBA	10Y Note R/O	7-Jul
13-Jul	1300ET	TBA	30Y Bond R/O	7-Jul

20-Jul	1300ET	TBA	10Y TIPS	14-Jul
21-Jul	1300ET	TBA	20Y Bond R/O	14-Jul

25-Jul	1300ET	TBA	2Y Note	21-Jul
26-Jul	1300ET	TBA	5Y Note	21-Jul
27-Jul	1300ET	TBA	2Y Note FRN	21-Jul
28-Jul	1300ET	TBA	7Y Note	21-Jul

MNI BRIEF: 'Fiscal Dominance Concerns' Not BOE Policy Driver

MNI INTERVIEW (RPT): BOC Hikes Being Under-Estimated-CD Howe

MNI China Daily Summary: Tuesday, July 5

EZ/UK Bond Supply Calendar: Germany & Portugal to issue Wed

MNI: US MAY FACTORY ORDERS +1.6%; EX-TRANSPORT NEW ORDERS +1.7%

EZ/UK T-Bill Calendar: Greece & EU to issue Wednesday

MNI BRIEF: China, U.S. Have A Constructive Call-MOFCOM

MNI: N. Ireland Bill May Not Pass Commons Before Break-IfG

MNI: Official China PMI In Expansion, But More Stimulus Needed

White House Press Conference Beginning Shortly

Corrective Down Cycle Still In Play

Higher Rates Biting In Vancouver Housing Market

Path Of Least Resistance Remains Up

FED Reverse Repo Usage Lowest In A Month

State Department Presser Beginning Shortly

Real-time Actionable Insight

MNI BRIEF: UK PM Johnson's FinMin Sunak Resign With Rebuke

MNI BRIEF: 'Fiscal Dominance Concerns' Not BOE Policy Driver

MNI INTERVIEW (RPT): BOC Hikes Being Under-Estimated-CD Howe

EZ/UK Bond Supply Calendar: Germany & Portugal to issue Wed

EZ/UK T-Bill Calendar: Greece & EU to issue Wednesday

US Treasury Auction Calendar, Quarterly Refunding Early Wed

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