Treasury Blinked: A Bessent Put Too Small To Matter

Treasury increased its buybacks by $2B, contributing to a rally across the long end of the curve. The article estimates this is ~0.15% of the $1,367B Treasury expects to place over two quarters, suggesting a supportive but not decisive technical tailwind for rates.

Analysis

Treasury increased its buybacks by $2B, contributing to a rally across the long end of the curve. The article estimates this is ~0.15% of the $1,367B Treasury expects to place over two quarters, suggesting a supportive but not decisive technical tailwind for rates.