The US Treasury Department will double its bond buyback operations to at least $4 billion per operation. Running from September 9 through November 4, the program targets longer-dated nominal coupon securities and is expected to total approximately $14 billion for the quarter. This expansion comes as 30-year yields reached 5.31% on August 17, the highest level since 2007. Funding will come from the Treasury General Account, replenished through short-term bill issuance, without expanding the Federal Reserve’s balance sheet.
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