[The U.S. Treasury Department announced a $6 billion cap on long-term bond repurchases, and disappointment enveloped the market] On September 9, the U.S. Treasury Department announced that under the expanded Treasury repurchase program, the Treasury Department will purchase up to $6 billion in long-term government bonds in the first operation. Some traders have raised their forecasts for Thursday's repurchase operations after Finance Minister Bessant publicly talked about the scale of buybacks possibly exceeding $4 billion. Bessant reiterated on Tuesday that while he cannot change the "equilibrium" price of U.S. Treasuries, his goal is to slow market volatility and prevent a narrative that could cause damage to the U.S. bond market from taking hold. U.S. Treasuries continued their decline after the U.S. Treasury Department announced the scale of its repurchases. As of 11:16 a.m. New York time, the 10-year yield was up 6 basis points at 4.85%. The market reaction suggested some investors had expected larger buybacks. Guneet Dhingra, U.S. interest rate strategist at BNP Paribas, said before the announcement that a buyback cap of $7 billion would have to surprise the market, and anything below that could trigger selling pressure. It remains to be seen how effective the expanded buyback program will ultimately be. After the U.S. Treasury Department announced its expansion plan last month, U.S. bond yields briefly fell, but soon rose again. The benchmark 10-year yield hit its highest level since 2023 last week.