US Treasury seen buying up to $10B per buyback after expansion plan

This signals a structural shift in how the Treasury manages its debt footprint, moving more aggressively into buybacks rather than relying solely on new issuance. For the rates market, larger, predictable buyback operations could add a steady bid to long-dated paper, potentially flattening the curve if supply concerns ease. The key watch is whether the Treasury sticks to the $10B cap or pushes beyond it if cash balances tighten, as that would amplify the program's influence on liquidity and dealer positioning.