According to CoinMeta, analysts at JPMorgan Chase pointed out that when the U.S. Treasury Department announces its quarterly refinancing plan next week, it may increase the scale of short-term borrowing. They expect that the net borrowing by the U.S. Treasury Department from private investors this year will reach $2.038 trillion, and it will rise to $2.202 trillion in 2027. Currently, the auction scale for Treasurys and medium- to long-term bonds is expected to remain unchanged, with an increase starting from August 2027, with the growth in the two-to-10-year bond category possibly being more significant. JPMorgan Chase believes that the issuance scale of short-term bonds will start to grow even earlier. Analysts stated: "After deducting the Federal Reserve's purchasing and repurchase operations, this means that the amount of outstanding U.S. short-term Treasury bills held by private investors will increase by $401 billion in 2026 and by $991 billion in 2027... This will be the most intensive year for short-term Treasury bond issuance since 2023."