1. The Treasury will at least double liquidity-support buybacks of 10- to 30-year nominal bonds to $4 billion per operation from September 9 to November 4 (roughly $16 billion of additional purchases per quarter), while leaving coupon auction sizes likely unchanged, effectively financing the additional purchases through increased bill issuance.

• Here’s a look at the intraday market reactions.

• The long end of the Treasury curve rallied at the expense of the front end.

– Here are some time-series views for select tenors:

2-year yield:

10-year yield:

30-year yield:

2. Our FOMC Minutes Sentiment Indicator remained hawkish.