⚠️ Straight to the point: The U.S. Treasury just 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. U.S. Treasury yields continue to decline. The Treasury has basically turned into a half-market maker. These buybacks weren’t a regular practice before: The last routine buybacks of Treasury bonds were around the year 2000; From 2018 to 2023, there were only 7 buybacks in total, each just in the millions; By 2025, there will be nearly 50 buybacks, and by 2026, single-week buybacks will hit tens of billions. The biggest headache is that the U.S. isn’t just dealing with a lot of debt—it’s issuing new debt at a rapid pace, while old debt constantly needs to be rolled over, and rollover costs are rising. If the Treasury is already going this far, how much room does the Fed have left? The liquidity ammo box is running dry. If they don’t cut rates soon, there won’t even be a crumb of bread left to eat. #Economy #Finance #DebtCrisis