On September 8, U.S. Treasury Secretary Becerra's commitment to supporting the bond market is about to be tested. On Wednesday at 11 AM Eastern Time (11 PM Beijing Time), the U.S. Treasury will announce the maximum amount planned for the buyback of 10 to 20-year U.S. Treasury bonds. On September 10, the Treasury will also disclose the exact amount actually purchased under the buyback program that starts in May 2024. Previously, the Treasury stated that before November 4, it would buy back at least $4 billion in long-term U.S. bonds each time from the market, up from the previous $2 billion. However, the Treasury still retains the discretion to expand the buyback size. The market generally expects that Becerra's actions will ultimately exceed the previously announced buyback targets.