The Treasury (https://www.marketwatch.com/story/pressure-on-bonds-abates-as-treasury-announces-buybacks-what-may-come-next-af7d7c76?mod=mw_rss_topstories) upscaled debt buybacks and sent 30Y yields tumbling. Perfect. Equity traders are already celebrating. But here's what they're missing: buybacks lower the marginal cost of government debt, which means *private* sector refinancing costs stay elevated.

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