⚠️ Simple and brutal - the US Treasury has completed the largest single repurchase in history——
The US Treasury repurchased $15 billion in debt this week, exceeding last week's $14.7 billion, with Treasury yields continuing to decline.
The Treasury has essentially become a half market maker, and these repurchases were not routine operations previously:
The last routine buyback of Treasury bonds was around 2000;
During the 5-year period of 2018-2023, there were only 7 buybacks total, each with only million-level amounts;
In 2025 there are close to 50, and by 2026 it jumped directly to tens of b
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