The U.S. Treasury has long refused to adjust its guidelines for issuing government bonds, and Wall Street is gradually giving up hope.

The debt management team of U.S. Treasury Secretary Yellen has long refused the recommendations from Wall Street and the Treasury Borrowing Advisory Committee to eliminate the forward guidance on future U.S. Treasury issuance plans. Given the duration of this stance, many traders no longer expect the Treasury to change its policy in the short term. Ahead of the quarterly debt strategy statement released on Wednesday, most traders anticipated that the Treasury would reaffirm its earlier commitment that it will not increase the issuance of Treasury bills and long-term bonds for at least the next few quarters.