US Treasury escalates buyback program to $4B amid persistent 10Y yield resistance, signaling prolonged macro policy intervention.
Macro & Markets ·
The US Treasury doubled its buyback program to $4 billion and indicated it could more than double further, while considering deploying its $950 billion General Account for purchases following an initial announcement on August 19th. The 10-year note yield has remained above pre-announcement levels despite these interventions, suggesting sustained resistance to the policy shift.