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2026-09-21 19:08:14
[US Treasury Repurchase May Reveal the True Drivers of Long-Term Yields] ⑴ The next US Treasury repurchase operation may reveal the true drivers of long-term yields. ⑵ The plan is to repurchase 20- to 30-year Treasury bonds on Thursday. ⑶ The size of long-term repurchases has recently increased from $2 billion to at least $4 billion per transaction. ⑷ However, the previous $6 billion expansion of repurchases did not prevent long-term yields from rising. ⑸ If another large-scale repurchase improves liquidity but fails to lower 20- and 30-year yields, it will further prove that liquidity is not the whole story. ⑹ Investors may simply be demanding higher compensation for inflation, large-scale debt issuance, and fiscal risks. ⑺ The subsequent repurchase results will provide important clues for judging the trend of long-term interest rates and deserve close attention.
