The US Treasury confirmed a plan to buy back up to $6 billion in 10- to 20-year nominal coupon securities on September 9, 2026. This amount triples the previous per-operation limit of $2 billion.
The program, which targets older, less-liquid off-the-run Treasuries to inject cash into the system, was revived in May 2024. By early 2025, the frequency of operations increased, and by mid-August 2026, the total quarterly buyback capacity reached $38 billion.
US public debt has exceeded $40 trillion. At the time of the announcement, long-end yields were trading at levels not seen since 2007. Following the details of the first $6 billion operation, the 10-year yield rose to approximately 4.85%.
The current buyback mandate runs through November 4, 2026. Secretary Scott Bessent stated that these actions support orderly market dynamics rather than dictating equilibrium prices. Further details will be provided during the quarterly refunding on November 4, 2026.