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On August 20, the U.S. Treasury announced on Wednesday that it would expand the scale of its long-term Treasury bond buybacks, drawing market attention. This move is seen by Wall Street as a significant action by Treasury Secretary Janet Yellen to directly alleviate pressure on long-term U.S. Treasury yields and reduce government financing costs. The Treasury stated that from September 9 to November 4, it would at least double the maximum buyback size for 10 to 30-year U.S. Treasury bonds from $2 billion to $4 billion per transaction. Following the announcement, U.S. long-term Treasury yields quickly fell, with the 30-year yield dropping nearly 10 basis points at one point, while U.S. stocks rose simultaneously. The market believes that although this operation is officially positioned as a technical measure to enhance liquidity in the bond market, the core objective is to curb the continuous rise in long-term yields. BNP Paribas estimates that at the current pace, the Treasury could buy back about $128 billion of bonds in this maturity range over the year, which is equivalent to about 30% of the issuance in that maturity segment, but only accounts for approximately 2.4% of the market's outstanding debt. Jim Bianco, founder of Bianco Research, stated that in the past, the market often said, 'When the Fed starts to panic, bond traders can stop panicking.' Now it should be changed to, 'When Yellen starts to panic, bond traders can stop panicking.' Recently, the yield on the 30-year Treasury bond surpassed 5.3%, reaching a nearly 20-year high, while average mortgage rates approached 7% again. Meanwhile, the total federal debt in the U.S. has exceeded $40 trillion, with the fiscal deficit still accounting for about 6% of GDP, raising ongoing concerns about government debt pressure. Yellen, who previously served as a hedge fund manager, has taken several unconventional market actions since taking office, including adjusting debt issuance strategies, pushing for regulatory reforms, and participating in foreign exchange market interventions. Some market participants believe her policy style exhibits a clear 'hedge fund-like' macro trading mindset. However, some analysts warn that bond buybacks cannot solve the long-term fiscal deficit and debt growth issues in the U.S. Robin Brooks, a researcher at the Brookings Institution, stated that this move resembles 'manipulating the yield curve' rather than addressing the root causes of debt. The market is currently focused on whether the Treasury's proactive intervention can continue to lower U.S. Treasury yields or if it will only provide short-term market relief. Analysts point out that if issues related to fiscal spending and debt growth cannot be improved, relying solely on buyback operations will be insufficient to change the long-term trend of the U.S. Treasury market.

On August 20, the U.S. Treasury announced an expansion of its long-term bond buyback program, drawing market attention. This move is seen by Wall Street as a significant action by Treasury Secretary Janet Yellen to directly alleviate pressure on long-term U.S. Treasury yields and reduce government financing costs. The Treasury stated that from September 9 to November 4, it would at least double the maximum single buyback size for 10 to 30-year U.S. Treasuries from $2 billion to $4 billion. Following the announcement, U.S. long-term Treasury yields quickly fell, with the 30-year yield dropping nearly 10 basis points at one point, while U.S. stocks rose in tandem. The market believes that although this operation is officially positioned as a technical measure to enhance liquidity in the bond market, its core goal is to curb the continued rise in long-term yields. BNP Paribas estimates that at the current pace, the Treasury could buy back about $128 billion of relevant maturity bonds in a year, equivalent to about 30% of the issuance of those bonds, but only about 2.4% of the market's outstanding debt. Jim Bianco, founder of Bianco Research, noted that while the market used to say, 'when the Fed starts to panic, bond traders can stop panicking,' it should now be, 'when Yellen starts to panic, bond traders can stop panicking.' Recently, the yield on the 30-year Treasury broke 5.3%, reaching a nearly 20-year high, while average mortgage rates approached 7% again. Meanwhile, the total federal debt in the U.S. surpassed $40 trillion, with the fiscal deficit still accounting for about 6% of GDP, leading to ongoing market concerns about government debt pressure. Yellen, a former hedge fund manager, has previously employed unconventional market operations since taking office, including adjusting debt issuance strategies, pushing for regulatory reforms, and participating in foreign exchange market interventions. Some market participants believe her policy style reflects a distinct 'hedge fund-like' macro trading mindset. However, some analysts warn that bond buybacks cannot resolve the U.S.'s long-term fiscal deficit and debt growth issues. Robin Brooks, a researcher at the Brookings Institution, stated that this move resembles 'manipulating the yield curve' rather than addressing the root causes of debt. The market is currently focused on whether the Treasury's proactive intervention can continue to lower U.S. Treasury yields or if it will only provide short-term relief. Analysts point out that if fiscal spending and debt growth issues cannot be improved, relying solely on buyback operations will be insufficient to change the long-term trend of the U.S. Treasury market.

On August 20, U.S. President Donald Trump criticized the Federal Reserve's interest rate policy again on Wednesday, stating that the central bank should not prevent interest rate cuts given the positive economic data, and that the U.S. should be paying "much lower" rates. Trump remarked that Federal Reserve Chairman Kevin Warsh is "doing a great job," but criticized the Federal Reserve Board for having "political factors," claiming that some members were appointed by Obama, Biden, and himself, and may support maintaining high rates for political reasons. Trump noted that historically, improving economic data has typically led to lower interest rates, but now, "the better the data, the higher the rates." He believes that lowering interest rates would not only aid economic growth but also reduce the financing pressure on the nearly $40 trillion U.S. debt. However, the Federal Reserve has not raised rates since 2023 and is expected to begin a rate-cutting cycle in the second half of 2025, with a total of six cuts anticipated. Minutes from the Fed's July meeting indicated that most officials believe that if inflation does not cool further, it may still be necessary to maintain higher rates in the future. Trump also complained that U.S. interest rates are higher than those in some overseas economies, citing Switzerland's benchmark rate of about 0.5% as an example, and called the current U.S. rate of approximately 3.5% "unreasonable." On the same day, the U.S. Treasury announced an expansion of its long-term Treasury bond repurchase program, doubling the size of the buyback operations for 10 to 30-year bonds from $2 billion to $4 billion per operation to enhance liquidity in the long-term bond market. The market believes this measure will help alleviate recent upward pressure on U.S. Treasury yields.