Regulators have been examining how to strengthen the market over the past three years.
The term premium is seen as protection against unforeseen risks such as inflation and supply-demand shocks.
Long-term Treasury yields have slid since October on speculation that the Fed has completed its aggressive tightening cycle.
Treasury officials said the shift was small, and some dealers expected an even bigger slowdown in longer-dated issuance.
The bond selloff has sent yields to the highest levels since before the global financial crisis
The Treasury market is on course for an unprecedented third year of losses.
Recent inflation data could weigh in favor of three cuts in 2024, versus four, bank analysts wrote.
“The Fed should be done," the strategist said.
Economic data will be key to divining the Fed's course and value in the bond market.
The U.S. economy continues to defy recession die-hards who went heavy into bonds at the start of the year.
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