Bessent's Pop Quiz: Citi Says Dealer Questions Confirm 20Y, 30Y Auction Cuts Are Coming

On Monday we laid out Citi's case that Bessent's next "Treasury put" would come from the supply side: cut the 20Y and 30Y auctions by $3 billion each at the November 4 refunding, and maybe kill the 20Y altogether. Citi's tell at the time was the dealer questionnaire, due this Friday, which it flagged as a possible "bullish catalyst" if Treasury started asking about long-end demand.

Well, Friday came... and the Treasury asked: shortly after noon, the department published its dealer agenda for the November refunding, and we had just one question of our own:

Two Questions, One Answer