Treasury buybacks do not solve America's underlying fiscal problem

The debate around Treasury buybacks ultimately comes back to one much larger issue: U.S. fiscal policy.
Buybacks can improve liquidity and potentially reduce stress in parts of the Treasury market, but they do not address the structural source of the pressure.
Persistent deficits require enormous amounts of new government borrowing, leaving markets to absorb an expanding supply of debt.
For $UST, the long-term solution is therefore less about market intervention and more about whether Washington can bring the fiscal trajectory under control.