Treasury buybacks moved the Dollar more than long-term yields

Treasury's buyback announcement produced an unusual market reaction.
The decline in long-term yields was relatively modest, while the U.S. Dollar sold off much more aggressively.
That divergence matters.
If intervention delivers only limited relief in bond yields while simultaneously weakening $DXY, policymakers could face an increasingly difficult trade-off between supporting the Treasury market and maintaining confidence in the currency.
Markets may now be testing where that trade-off begins to break.