U.S. Treasury expected to buy back $12.5B of government debt

The U.S. Treasury is forecast to repurchase approximately $12.5 billion of outstanding government debt tomorrow through its buyback program.
Treasury buybacks are designed to support liquidity in older securities and improve the functioning of the government-debt market rather than directly reduce overall federal borrowing needs.
The operation could provide localized support to affected Treasury securities as investors continue navigating elevated yields and heavy government issuance.