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JP Morgan’s markets intelligence team says the US Treasury has raised single buyback size for 10+-year Treasuries from up to $2bn to at least $4bn. That may temporarily ease long-end supply pressure, but financing needs persist and the burden could shift to the short end. If the Treasury increases short-term issuance to fund buybacks, it effectively swaps long-term debt for shorter maturities—lowering term premium briefly while raising refinancing frequency and rate re-pricing risk, and accelerating interest-cost exposure if policy rates remain high. JP Morgan stresses these are debt-management operations, not QE: they do not create reserves or have the Fed absorb duration. Markets should watch long-end yields, short-term issuance volumes and whether the Treasury’s average financing maturity continues to shorten.

交易员：印度中央银行可能正在出售美元以保护卢比。