Citi Research anticipates a stable outlook for U.S. Treasury coupon sizes at the upcoming February refunding meeting, suggesting a bullish stance on long-term Treasuries. The report, dated January 24, 2025, highlights that the Treasury is unlikely to increase nominal auction sizes, maintaining a steady reliance on T-bills. "We expect continued guidance for nominal coupon sizes to remain constant for several quarters," Citi analysts note, emphasizing the potential for a higher T-bill share in the short term. The report also points to a light curve flattening, aligning with Citi's view that the long-end of the yield curve is becoming more attractive due to elevated term premiums. With 10-year yields projected to range between 4.10% and 4.85% in various scenarios, Citi remains "lightly bullish" on duration, suggesting that yields will remain anchored as the Federal Reserve is unlikely to hike rates in 2025. The analysis underscores the importance of the upcoming refunding meeting, where Treasury's policy statement will be released on February 5, 2025, potentially impacting market dynamics and investor strategies.