⚠️ Simple and brutal, the U.S. Treasury Department has completed the largest single buyback in history——

The U.S. Treasury repurchased $15 billion in debt this week, exceeding last week's $14.7 billion, and Treasury yields continue to decline.
The Treasury Department has become a half market maker, and these buybacks were not routine operations in the past:
The last routine Treasury buyback was around 2000;
During the 2018-2023 five-year period, there were only 7 buybacks total, all at the million-level;
In 2025 there are nearly 50, and by 2026 it's directly over $10 billion per week.
The most troublesome part is that the U.S. doesn't just have lots of debt, but new debt is being issued quickly, old debt needs constant refinancing, and refinancing costs are rising.
The Treasury Department has already done this far, how much room does the Federal Reserve have left?
The ammunition magazine for liquidity is about to run out, if they don't cut rates soon, there won't even be northwest wind to drink.