Treasury doubled the size of its long-end buybacks this week, one day after the 30Y printed its highest yield since 2007. That sent me down a rabbit hole about how Treasury has been financing increasingly large deficits, why coupon auction sizes haven't changed since 2024, and what happens if the Fed starts shortening its own portfolio. Wrote up what I found. https://alphabetasoup.substack.com/p/enduring-duration?r=1040m9&utm_campaign=post&utm_medium=web&showWelcomeOnShare=true(𝐓𝐗𝐌𝐂)