"If prices rally, we estimate potential notable short covering and repurchasing, totaling $150mm DV01 in a month for example if prices rallied 2x std-deviations during that time"

Treasury Secretary Scott Bessent doubled long-dated bond buybacks to $4B per operation as yields hit 19-year highs and US debt topped $40

Using the TGA would provide the Treasury with considerable firepower to influence long-term bond yields.