The expanded phase of US Treasury buybacks begins on 9 September, after Treasury Secretary Scott Bessent doubled the cap for each long-end operation from 2 to at least 4 billion dollars. Markets read this as a 38 billion dollar “liquidity injection” in one month. We examined the results of every operation conducted by the Treasury since May 2024, its published schedule, the dealer inventory record, the Federal Reserve’s operating account, and our pricing database. What occurs at the window is smaller and more precise than reported: disbursement, not injection, and two-thirds of the figure does not touch the long end at all.
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