The short answer: The quarterly refunding is when the U.S. Treasury tells markets how much it plans to borrow and which bonds it will sell. The next one is November 4, 2026, with borrowing estimates on November 2. Citigroup expects Treasury to trim 20-year and 30-year bond auctions by $3 billion each and says it could even cancel 20-year sales, according to Bloomberg. On The Pomp Podcast, Jordi Visser said a cut at the long end would be "an admission that they don't want the long end to go higher."
Drawing on The Pomp Podcast, hosted by Anthony Pompliano (anthonypompliano.com), with guest Jordi Visser (episode released October 31, 2026).
Jordi flagged the refunding on the October 31 episode as a story "not getting a ton of press." Here is what it is, what Wall Street expects and why it matters for yields.
What is the Treasury quarterly refunding?
Four times a year, the Treasury publishes its borrowing plans. According to the Treasury's refunding page, the next financing estimates are scheduled for November 2, 2026, and the policy statement, which sets auction sizes, is scheduled for 8:30 a.m. ET on November 4. Investors watch it because the mix of short-term bills and long-term bonds affects interest rates across the economy.
Will the Treasury cut long-bond sales?
Citigroup thinks so. In a note reported by Bloomberg on October 9, Citi said its base case is a $3 billion reduction per auction for both 20-year and 30-year bonds, and that Treasury Secretary Scott Bessent could even cancel 20-year sales. GMT8 reported the same expectation on October 31. Treasury has not announced anything yet.
Why does Jordi Visser think it matters?
"There has been speculation by credible people, and Citibank also talked about this as well, that they could cancel supply. They've already done buybacks, that didn't work," Jordi said. His point: shifting borrowing from long bonds to short bills would be a way to lean against higher long-term yields. "It's not yield curve control, but it is certainly an admission that they don't want the long end to go higher."
He also tied it to AI. Jordi said the borrowing needs of AI companies "competes with the treasury" for investors' money. For more on yields, see Will the 10-Year Treasury Yield Hit 6%?, Will the Fed Raise Rates in December? and Why Is Gold Falling?
Key takeaways
The Treasury's next quarterly refunding announcement is November 4, 2026, with financing estimates on November 2.
Citigroup expects $3 billion cuts to each 20-year and 30-year auction and says 20-year sales could be cancelled.
Jordi Visser says cutting long-end supply would signal Treasury does not want long-term yields to rise.
He argues heavy AI-related borrowing competes with Treasury for investors.
Best quotes from this episode
"the quarterly refunding announcement. This is not getting a ton of press, and we'll find out about it on November 4th"
"There has been speculation by credible people, and Citibank also talked about this as well, that they could cancel supply. They've already done buybacks, that didn't work."
"If they cancel supply at the long end and move everything to the front end, it's not yield curve control, but it is certainly an admission that they don't want the long end to go higher."
FAQ
What is the Treasury quarterly refunding?
It is the Treasury's quarterly announcement of its borrowing plans and the sizes of its upcoming note and bond auctions.
When is the next Treasury quarterly refunding?
The policy statement is scheduled for 8:30 a.m. ET on November 4, 2026, with financing estimates on November 2.
Will Treasury cut 20-year and 30-year bond auctions?
Citigroup expects $3 billion cuts to each and says 20-year sales could be cancelled. Treasury has not announced a decision.
Is cutting long-bond sales yield curve control?
No. Jordi Visser said it would not be yield curve control but would be "an admission that they don't want the long end to go higher."
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Watch or listen to the full episode
Hear Jordi Visser on the Treasury refunding.
"Bitcoin Survives Biggest Crypto Hack In History?!" with Jordi Visser, October 31, 2026. The Treasury discussion starts around the 19-minute mark.
Sources
Last updated: October 31, 2026
About The Pomp Podcast
The Pomp Podcast is hosted by Anthony Pompliano and covers the future of business, finance and technology. The show features Pomp's conversations with founders, investors and economists about bitcoin, markets, AI and the economy. Follow The Pomp Podcast on X.
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This article reflects the opinions of the guests and host as shared on The Pomp Podcast. It is guest opinion, not investment advice. Do your own research before making any investment decision.
