Treasury buybacks stay small, but the bid-ask in off-the-runs tightens
The operations are a liquidity tool, not a duration dump. Dealers are treating them that way.
Finance Reporter
Card payment at a retail counter
NEW YORK — The operations are a liquidity tool, not a duration dump. Dealers are treating them that way.
Off-the-run 10s and 20s have seen tighter screens on operation days, a modest win for a program that was sold as plumbing and is being judged as plumbing.
Priya Nair
Finance Reporter
Writes on banks, private credit, and the regulatory perimeter around nonbank lenders.
