[Strategist: U.S. Treasury Buybacks May Impact the Dollar More Than Yields Themselves] Ebury Chief FX Strategist Roman Ziruk stated that for the U.S. dollar, the impact of increased intervention by the U.S. Treasury may be more enduring than its effect on yields themselves. The primary intent of the buyback operations is not to address the deficit; however, the market's interpretation of why the Treasury feels the need to intervene and resort to unconventional measures has itself evolved into a source of risk premium. This deviates from traditional economic logic, where rising yields typically support the domestic currency by attracting capital inflows. On the contrary, despite the continuous climb in yields, the dollar remains weak, as investors increasingly view this as a sign of fiscal and institutional strain rather than an indication of economic strength.