Brilliant Liquidity · since 2013

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Reading № 001 · Treasuries

The upsized Treasury buyback provides more insurance — and insurance is the interest-cost story

Many market participants and commentators are calling Treasury’s buybacks a failed attempt to lower interest rates. As of September 11, 2026, yields are nearly 30 basis points higher than before the program's August expansion. What they are missing is that the move has been orderly so far. The upsized buyback program is extra tail insurance for a levered Treasury complex that ballooned to a record and remains far above its pre-COVID peak.

TreasuriesBuybacksFragilityBasis tradeFiscalRepo & funding
The upsized Treasury buyback provides more insurance — and insurance is the interest-cost story — exhibit
Sourced · U.S. Treasury · CFTC · Federal Reserve · WSJ · 11 Sep 2026 · 19:20 ET

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