[U.S. Treasury Bonds Extend Decline After Buyback Announcement, Market Considers $6 Billion Cap Insufficient] Deep Tide TechFlow reports that on September 9, the U.S. Treasury Department announced it would purchase a minimum of $4 billion and a maximum of $6 billion in long-term government debt during the first operation of its expanded buyback program. This demonstrates Besant's determination to curb the recent rise in borrowing costs. U.S. Treasury bonds extended their earlier decline following the announcement, indicating that the scale of the announcement fell short of some investors' expectations. The success of the expanded buyback program remains to be seen. After the initial announcement of the program last month, yields fell but subsequently rebounded. The benchmark 10-year yield reached its highest point of 2023 last week. Former New York Fed economist Guha stated: 'The challenge has always been whether the impact of these interventions can persist without larger fundamental changes.' Moreover, the maximum scale of the buyback operation does not necessarily mean the Treasury will purchase that amount of bonds. However, in buybacks targeting long-term nominal debt, the department has often purchased the full amount. Since the program was relaunched in 2024, only two out of 52 such operations have not done so. (Jin10)