[TD Securities: The U.S. Treasury Department’s increase in long-term bond repurchases is expected to reduce the 10-year term premium by approximately 5 basis points] On September 1, TD Securities stated that the U.S. Treasury Department plans to “at least double” the scale of 10- to 30-year Treasury bond repurchases. If the maximum repurchase scale for each operation is US$4 billion, it may reduce the 10-year Treasury bond term premium by approximately 5 basis points. Molly, rates strategist at TD Securities Brooks said in a research report: "If the U.S. Treasury Department increases the maximum size of each repurchase operation to $4 billion, it can further reduce the supply of long-term Treasury bonds by $18 billion per quarter. We estimate that this will reduce the term premium by about 5 basis points." Brooks said that the current term premium has dropped by about 13 basis points, "This shows that This shows that some market participants may expect that the size of the repurchase will be larger, or that the size of the long-term Treasury bond auction may decrease. "Brooks said that reducing the size of the long-term Treasury bond auction will be more consistent with the Treasury's "regular and predictable" bond issuance strategy, and said that if it deviates from this predictable pattern, it may push up the term premium and offset the benefits of reducing long-term supply.