Markets / Rates
Treasury raises the long-end liquidity-support buyback maximum to at least $4 billion per operation
The current maximum is $2 billion. The larger operations apply to 10-year to 20-year and 20-year to 30-year nominal coupons, effective September 9 through November 4, 2026.
Sources
U.S. Treasury press release sb0607, August 19, 2026. https://home.treasury.gov/news/press-releases/sb0607
The Treasury said on August 19, 2026 that the maximum size of its nominal long-end liquidity-support buybacks will be at least $4 billion per operation, up from a current maximum of $2 billion. The change is effective September 9, 2026.
Treasury described the increase as at least double. The current maximum is $2 billion per operation, and the new maximum will be at least $4 billion. It applies to two nominal coupon sectors: 10-year to 20-year and 20-year to 30-year securities.
Press release sb0607 is a Treasury announcement, not an FOMC document. It changes the maximum operation size for the two stated long-end nominal coupon sectors; it does not say every operation will reach the maximum.
The larger maximum is effective from September 9, 2026 through November 4, 2026, the remainder of the refunding quarter. The next Quarterly Refunding is scheduled for November 4, 2026, when Treasury said it will provide more information about future buyback sizes. Treasury will release an updated tentative buyback schedule later.
This page does not print refunding offer sizes, Treasury General Account (TGA) balances, or yields. It reports only the change in the long-end liquidity-support buyback maximum, the covered sectors, and the effective dates stated in sb0607.
What a buyback maximum means
The maximum is the upper limit Treasury states for one operation. Raising that limit does not mean every operation will use the full amount.
The change is limited by sector and date
The at-least-$4-billion maximum applies only to the 10-year to 20-year and 20-year to 30-year nominal coupon sectors from September 9 through November 4, 2026. Treasury said a later tentative schedule will supply operation timing.
What we do not know
Treasury had not published the updated tentative schedule on the source page. The announcement does not state the size of each future operation, and this article does not add figures from other refunding materials or market data.
Corrections
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