Deutsche Bank: Treasury buyback tripled but still disappoints

The market's muted reaction to a tripled buyback signals that expectations had already priced in aggressive support, leaving no room for positive surprise. This suggests liquidity operations are now judged against an implicit threshold of 'shock and awe,' not just absolute size. The Treasury's stated flexibility to revise final announcements keeps the door open for further adjustments, making the gap between preliminary and final numbers the key variable to monitor for future operations. Whether the next cycle can recalibrate market sentiment depends on exceeding that threshold, not merely meeting it.