The U.S. Treasury market is closely watching the Treasury Department's next moves. This Friday, primary dealers will receive the Treasury's routine survey questionnaire, which market participants believe could serve as a weathervane for Treasury Secretary Scott Bessent's policy leanings. Citigroup analysts suggest the questionnaire may hint at a contraction in long-end issuance, with Bessent potentially considering reducing or even canceling 20-year Treasury bond issuance, citing weak demand from pension funds. Vishal Khanduja, Head of Morgan Stanley Investment Management, stated that the Treasury's "Operation Twist" in August already indicated its view that current yield levels are problematic, and the next two refinancing announcements (especially the one in November) will be crucial. The market generally demands that the Treasury restore predictability to its debt issuance policy.