0532 GMT - ​The substantial rise in Treasury yields across maturities is likely the most critical factor arguing against any policy moves towards raising coupon [note, bond] supply, or even simply shifting forward guidance, HSBC U.S. rates strategist Dhiraj Narula says in a note. The Treasury will release details of its borrowing plans for August-October at its quarterly refunding announcement on Aug. 5. "Long-dated rates sit at multi-decade highs, and we expect policymakers to remain wary of shifts that would drive up term premium and raise borrowing costs further," he says. When maturity extension does ultimately take place, HSBC expects increases to be concentrated in the front-end and 'belly', or the intermediate segment, Narula says.