It's a tad silly that headline takes are like "omg Treasury might use TGA cash for buybacks!" when literally that's how all buybacks are paid for already. What matters is whether and when they issue incrementally more duration or bills to compensate for the buybacks. They've been doing bills. Duration swap, net positive liquidity. Now question is will they issue more bills now or will they do it some time later. If they delay by a quarter it is another net positive for liquidity.(𝐓𝐗𝐌𝐂)