The US Treasury expects to borrow $739 billion from July through September while conducting debt buyback operations. These buybacks have been expanded, with the per-operation ceiling in the 10-to-20-year and 20-to-30-year sectors rising from $2 billion to at least $4 billion starting September 9. These operations target older bonds to improve market functioning without disrupting the issuance calendar, but the $38 billion figure is not a final ceiling. For Bitcoin, the impact depends on yield movements and dollar cash availability, not buyback operations alone. The next announcements are expected on November 4.
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