[Citigroup Recommends Buying 20-Year U.S. Treasury Bonds, Says Increased Buybacks Signal Yield Peak] According to a report by Jinse Finance, on August 20, Citigroup advised clients to buy long-term U.S. Treasury bonds after the U.S. Treasury Department announced plans to at least double the buyback scale of longer-term bonds. Citigroup stated that this move could indicate that yields have peaked. Strategists led by Jason Williams predict that the yield on 20-year U.S. Treasury bonds will drop from the current approximately 5.2% to 4.9%. The strategists wrote: "The U.S. Treasury's actions should send a very strong signal to the market. Today's move, coupled with cooling inflation, sets the stage for a strong rally in the coming months." They further noted that if yields do not stabilize by then, the U.S. Treasury might reduce the auction sizes of 20-year and/or 30-year Treasury bonds during the November refinancing. Wednesday's move suggests that "at least for bonds with maturities of 7 years or longer, the U.S. Treasury is unlikely to expand the auction size of interest-bearing Treasury bonds during the remainder of the Trump administration's term."