[U.S. Increases Bond Buybacks but Struggles to Prevent Pricing Power Shift, Duration Risk Intensifies Global Asset Price Volatility] The duration risk in the U.S. bond market has become the core contradiction in global asset pricing today. Duration risk refers to the risk of significant price declines in long-term bonds when interest rates rise. Last week, the U.S. Treasury expanded long-term bond buyback operations, which failed to effectively suppress U.S. bond yields and instead fueled gold and Bitcoin to initiate 'currency devaluation trades.' On the evening of August 24, Beijing time, reports indicated that the U.S. Treasury might use nearly $1 trillion from the Treasury General Account (TGA) to buy back bonds. Industry analysts suggest that even if this buyback rumor proves true, it would still be difficult to resolve the long-term contradiction of excess U.S. bond supply. This is because the primary buyers of U.S. Treasury bonds and the market's pricing power have already shifted to private capital, which is highly sensitive to valuations. Private capital allocating long-term bonds requires additional risk compensation for duration risk, inflation risk, and oversupply risk, which could push long-term bond yields into a higher operating range. Furthermore, benefiting from the high-interest-rate market environment, the banking sectors in the U.S., Japan, and Europe have all seen upward trends this year. (People's Financial News)