Allianz Chief Economist Mohamed El-Erian stated that the bond market has reacted to news of the U.S. Treasury expanding its bond buyback program, with long-term Treasury yields generally trending downward. 1. On a deeper level, the significance of this matter does not primarily lie in the buyback itself. Whether in absolute terms or relative to the net issuance of Treasury bonds, this buyback is not particularly large. The market is more focused on whether this signals the potential for broader use of yield curve control (YCC) in the future. 2. YCC is not a cost-free policy tool. While it can indeed suppress long-term yields in the short term, thereby reducing mortgage rates and other financing costs, it may also bring side effects and unintended consequences. 3. The effects of such financial engineering are typically short-lived. Unless accompanied by more fundamental policy adjustments, the downward pressure on yields is unlikely to be sustained over the long term.