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They're playing a shell game right now where the Fed and Treasury have basically merged to keep the music going, can't taper a ponzi though so I imagine the catalyst will be shortly after treasury burns down the April tax receipts
Election year, no coincidences!
The US Treasury is launching its first buyback program since 2002, scheduled to start on May 29, 2024. The program is designed to improve liquidity in the Treasury market and is expected to run through July 2024. During this period, the Treasury plans to hold weekly liquidity support buybacks of up to $2 billion per operation, with up to $500 million allocated for TIPS (Treasury Inflation-Protected Securities). This initiative aims to ensure the Treasury market remains the deepest and most liquid in the world, addressing concerns about market functioning and resilience.