Treasury buyback comes in far below expected size

JUST IN: The U.S. Treasury bought back only $1.2 billion of debt, roughly 25% of the expected $4 billion.
The smaller-than-anticipated operation matters as markets closely watch Treasury's expanded buyback program for its potential impact on long-term yields and market liquidity.
With investors already focused on rising borrowing costs and heavy government issuance, the gap between expected and actual purchases could become another factor for the Treasury market.