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Treasury buybacks may improve market plumbing, but they should not be mistaken for a change in the fiscal tide. Using a $935B TGA balance while raising the cap for 10- to 30-year Treasury operations to at least $4B from Sep 9 could ease liquidity strains at the margin. It does not resemble Fed QE, reduce outstanding debt, or remove the pressure of sticky inflation and elevated long yields. My read: if heavy issuance keeps term premiums firm, buybacks can smooth volatility while leaving the underlying deficit-funding challenge intact. Not advice, just analysis. #TGABuybacksVsFiscalRisk