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US Treasury Increases Long-Dated Bond Buyback Operations
The US Treasury announced plans to increase its long-dated bond buyback operations, at least doubling the maximum buyback cap for longer-dated securities to $4 billion per operation, effective September 9, 2026. The expansion is intended to help manage rising long-end yields and improve liquidity in the market for nominal coupon securities. Former St. Louis Fed President James Bullard characterized the measure as a tactical move.
Key takeaways
- 1.The Treasury is doubling its maximum buyback cap for long-dated debt to $4 billion per operation starting September 9, 2026
- 2.The stated objective is to control and manage rising yields on longer-dated bonds
- 3.The initiative is framed as a liquidity support and market management tool for nominal coupon securities
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