The Treasury Is Now Supporting Its Own Debt Market
The US Treasury has doubled the size of its buyback operations for longer-term government securities from $2 billion to at least $4 billion per operation after long-term yields surged to levels not seen in nearly two decades. They will call this “liquidity support” because government always invents
Source: Armstrong Economics
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DW NOTE
The Treasury just doubled its bond buyback program to $4 billion per operation because no one wants to hold thirty-year paper at these yields. When the issuer becomes the buyer of last resort, you don't have a market — you have a state purchasing its own IOUs with money it doesn't have.