21/08/2026
Why did the Treasury just double its buyback capacity?
Bessent confirmed Thursday: max buyback per operation for 10–30Y Treasuries rises from $2B to $4B+, effective Sept 9 through Nov 4. He noted it could go higher.
Yields eased on the news, then rebounded within a day. Evercore ISI called it a "weak form of Operation Twist."
30Y 5.235% | 10Y 4.704% (+5bps) | Federal debt tops $40T
Understanding how buyback size shapes yield expectations is key to reading what comes next.