The size of the US Treasury market has expanded dramatically in recent years to more than $34tn, with greater demands on market liquidity. In particular, with the Federal Reserve's policy of raising interest rates and shrinking its balance sheet in response to inflation, as well as international geopolitical tensions and economic frictions, foreign central banks' demand for US Treasuries has declined, resulting in frequent liquidity challenges in the market.

​​近年来,美国国债市场规模急剧扩张,已超过34万亿美元,伴随而来的是对市场流动性的更高要求。尤其是随着美联储为应对通胀采取的升息和缩表政策,以及国际地缘政治紧张局势和经济摩擦,外国央行对美债的需求有所下降,导致市场频繁面临流动性挑战。

In this context, the US Treasury's repurchase of Treasury bonds, especially those with poor liquidity, aims to provide necessary liquidity support and maintain market stability by directly participating in market transactions.
The repurchase operations, which will be conducted through the New York Fed in cooperation with major dealers, are scheduled to repurchase up to $2 billion of long-term Treasury securities each week over the next three months. It is worth noting that the Treasury deliberately avoided the most liquid bonds in the repurchase market to ensure that the repurchase action was targeted to address the problem of market illiquidity.

在这样的背景下,美财政部回购国债,尤其是那些流动性较差的债券,旨在通过直接参与市场交易,提供必要的流动性支持,维护市场稳定。
回购操作将通过纽约联储与主要交易商合作进行,计划在未来三个月内每周最高回购20亿美元的长期国债。值得注意的是,财政部刻意避免回购市场中流动性最佳的债券,确保回购行动能针对性地解决市场流动性不足的问题。