[Deutsche Bank: The U.S. Treasury Department has taken a step to adjust the scale of future Treasury bond issuance] On October 28, Deutsche Bank strategists said in a report that the U.S. Treasury Department asked primary dealers to provide views on structural changes in investor demand and the expected size of future Treasury bond auctions. This is an important step in promoting market discussion on future adjustments to Treasury bond issuance. Analysis of U.S. Treasury holdings data and the portfolio weighted average maturity (WAM) indicator shows that "market demand for longer-dated U.S. Treasuries has weakened." This trend stems primarily from the shrinking size of long-term holding portfolios and a shift in investor preference toward shorter-maturity Treasuries. Deutsche Bank strategists said that as the U.S. Treasury Department faces greater financing needs in the next few years, and the current market weighted average maturity (WAM) is close to historical highs, it provides some space for adjusting the issuance structure. Therefore, "there is more reason to proactively shorten the term structure of newly issued Treasury bonds in the future."