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

This week, the U.S. Treasury repurchased $15 billion in debt, surpassing last week's $14.7 billion, and U.S. bond yields continue to drop.

The Treasury has become somewhat of a market maker, as this buyback was not a regular action in the past:

The last regular buyback of government bonds was around 2000;

During the five years from 2018 to 2023, there were only 7 buybacks, each amounting to only a few million;

In 2025, there will be nearly 50 transactions, and by 2026, a single week may see $10 billion;

The most troublesome aspect is that the U.S. is not simply dealing with a lot of debt, but new debt is being issued quickly, and old debt needs to be continuously rolled over, with rolling costs also rising.

With the Treasury reaching this extent, how much room is left for the Federal Reserve?

The liquidity arsenal is running low, if they don't cut rates soon, there will be no drinks left in the northwestern wind.

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