Treasury long-end buybacks are scheduled nearly three times monthly, with the maximum doubled to $4 billion.
Issuing bills to buy long-dated Treasuries could temporarily lower yields and compress the 30s10s spread.
Operation Twist in 2011–12 initially reduced long-end yields, but much of the effect faded within months.
Most of the rise in the 10-year yield is attributed to a changed macro regime rather than issuance alone.
Procyclical fiscal policy and repeated energy shocks could increase inflation and term premia.
The authors expect broadening profit growth to support another labor-market reacceleration.
The long end requires a credible signal that the Fed will respond if inflation warrants tightening.
Global capital flows are expected to outweigh sustained Treasury efforts to suppress long-term yields.