Photo: People walk past the U.S. Treasury Department in Washington, D.C., on January 18, 2023. (Photo by Anna Moneymaker/Getty Images) People walk past the U.S. Treasury Department in Washington, D.C., on January 18, 2023. (Photo by Anna Moneymaker/Getty Images)

The U.S. Treasury Department increased its planned sales of longer-term securities by slightly less than most dealers expected in its quarterly debt-issuance plan, helping spur a rally in bonds amid the possibility that a wave of bigger supply will soon come to an end.

The Treasury said it will sell $112 billion of longer-term securities at its so-called quarterly refunding auctions next week, which span 3-, 10-, and 30-year Treasuries. That is less than what many dealers expected. The Treasury also specified that it now expects a single additional step up in quarterly issuance of longer-term debt—news that bolstered Treasury prices Wednesday, given many forecasters had warned multiple quarterly bumps were needed due to budget deficits.

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