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The US Treasury raised liquidity-support buybacks of 10-20y and 20-30y nominal coupons from up to $2bn per operation to at least $4bn, effective September 9 through November 4, yet the 30-year yield sat at 5.274% on September 1, back near cycle highs. That signals the long end is being priced by fiscal borrowing needs and coupon supply rather than dealer liquidity, keeping term premium elevated and pressuring long-duration equity multiples, gold's real-rate anchor, and the risk appetite that drives BTC and ETH beta. Watch whether upcoming refunding size guidance and 30-year auction tails improve; without that, buyback expansion alone will not cap long rates.
As a Macro signal, watch whether it changes price action, volatility, or flows around BTC, IXIC, GC=F.
Original Source: 토큰포스트
This page is market information analysis, not investment advice.
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