US to sell USD 58bln of 3-year notes on September 8th, USD 39bln of 10-year notes on September 9th and USD 22bln of 30-year bonds on September 10th; all to settle September 15th

The sizes themselves are the only variable; on previous occasions the market-relevant content of these announcements has been whether coupon auction sizes are being held, increased, or, less commonly, cut, since that feeds directly into the term premium debate and dealer balance-sheet absorption. The usual sequence is well-worn: concession-building into each tail, with the 10- and 30-year auctions carrying the directional risk for the long end and the 3-year more sensitive to front-end rate expectations. The tell in this kind of package is the stop-through or tail versus the when-issued level and the indirect bid share, which in past episodes has been read as a proxy for foreign official demand. The bill sizes are largely mechanical against the debt ceiling and cash balance backdrop and rarely move anything beyond the very front of the curve.