RBC: Treasury buyback plan not ‘entirely wasted’

TREE NEWS reports: RBC Capital Markets strategists said the Treasury’s expanded buyback plan still has a ‘positive effect’ on long-dated debt, even though 30-year yields have returned to levels seen before the announcement. In a Wednesday note, they noted long-end yields largely rose with oil prices, while long-end swap spreads have held gains since the plan was unveiled, so the program is ‘not entirely wasted.’