Citi: Dealer Survey Signals US Treasury May Cut Long-Bond Issuance

The signal here is procedural: Treasury's own dealer survey now includes questions on long-end supply, which suggests the long-bond selloff and weak buybacks have become a live constraint on issuance policy rather than a background concern. That matters for the entire duration complex, from Treasuries to the RWA and crypto products that price off the risk-free curve. The open question is whether the refunding actually validates Citi's call, since a shift toward shorter maturities would alter the supply backdrop without resolving the demand problem the survey implies.