The U.S. Treasury Department will launch a new refinancing cycle at noon ET on October 16 (early morning Beijing time on October 17), distributing quarterly questionnaires to primary dealers. The wording and question design of this questionnaire will be an important window for the market to interpret the Treasury's policy intentions. According to a Deutsche Bank report, the market widely expects the Treasury to make the expanded long-end Treasury buyback program permanent at the November refinancing meeting, and this questionnaire may release signals in advance. At the same time, discussions around reducing or even canceling 20-year Treasury bond issuance are heating up. If the questionnaire contains clear wording pointing to these issues, it will have a direct and significant impact on the interest rate market.