MUFG Research discusses the UST buyback program.

"The US Treasury did not provide further updated guidance over the size of future operations. There are 6 further buybacks scheduled for the current quarter up to 3^rd November. If the US Treasury continues to hold 9 bond buybacks each quarter, and purchases up to USD6 billion at each operation then it could give a rough ballpark figure for potential annual purchases of just over USD200 billion. It would be a smaller version of the Fed’s ‘Operation Twist’," MUFG notes.

"Admittedly, it is highly uncertain how long the bigger purchases will be sustained and it is possible the size of operations could even be increased further going forward. For comparison, the Treasury’s long-term debt issuance plans for the current quarter are USD231 billion which are similar to the previous quarter," MUFG adds.