**[JPMorgan: U.S. Treasury Bond Buybacks Pose Credibility Risk]** Golden Finance reported on August 20 that JPMorgan strategists have warned that the market may perceive the U.S. Treasury's unexpected move to lower long-term financing costs as lacking credibility. Over time, this could lead to higher term premiums and bond yields. On Wednesday, the U.S. Treasury announced that it would at least double the scale of bond buybacks to provide "greater liquidity support," a move aimed at reducing long-term U.S. bond yields. However, JPMorgan stated that this approach merely addresses the symptoms rather than the root cause: the U.S. economy is near full employment but still faces a 6% fiscal deficit. Strategists including Jay Barry wrote: "Without genuine fiscal consolidation, we are concerned that the market may view this move as lacking credibility. If the Treasury becomes more speculative in its debt management and further deviates from its 'regular and predictable' principles, this could lead to an increase in term premiums and yields." The size of U.S. Treasury debt has already surpassed $40 trillion, making it increasingly difficult for policymakers to control financing costs. Meanwhile, the U.S. government continues to issue more Treasury bonds. A market survey revealed that approximately 60% of respondents believe the U.S. debt situation will continue to deteriorate until it triggers a major crisis. (Jin10)