美债回购公告后延续跌势：市场认为60亿美元上限规模不足

The U.S. Treasury stated it will purchase between $4 billion and $6 billion in long-term government debt in the first operation under its expanded buyback program, demonstrating Bessent's determination to curb recent rising borrowing costs. Treasuries extended earlier declines following the announcement, suggesting the scale was smaller than some investors had expected. The success of the expanded program remains to be seen. Yields fell after the program was first announced last month but subsequently rebounded. The benchmark 10-year yield reached its highest level since 2023 last week.

Guha, an economist who previously worked at the New York Fed, noted: "The challenge has always been whether the impact of these interventions can be sustained without broader fundamental changes." Moreover, the maximum size of a buyback operation does not necessarily mean the Treasury will purchase that exact amount of debt. However, in buybacks targeting long-dated nominal debt, the department tends to purchase the full amount—having failed to do so in only two of 52 such operations since the program was reintroduced in 2024. (Jin Shi)