U.S. TREASURY SET FOR RECORD $15B DEBT BUYBACK The U.S. Treasury is projected to repurchase $15 billion of its own debt today, marking the largest Treasury buyback operation on record. The move is designed to boost market liquidity, support Treasury market functioning, and refinance older bonds into newer issues. Importantly, this does not reduce the national debt. The Treasury is effectively swapping older debt for newly issued debt at current market rates as part of its routine debt management strategy.