[Institutions: U.S. Treasury Buybacks Unlikely to Solve Structural Issues Driving Yield Increases] Deep Tide TechFlow reports that on August 28, Natalia Lojevsky, Managing Director at CIFC Asset Management, stated that bond buybacks do not cancel debt and therefore cannot address the structural issues that have been driving yields higher. 'The U.S. Treasury is repurchasing bonds and financing the buybacks by issuing shorter-term bonds. This is a maturity swap, not deleveraging,' she said. This implies that the U.S. Treasury is treating a supply issue as a liquidity issue. The long end of the U.S. Treasury yield curve is currently under pressure from multiple forces simultaneously competing for limited-duration demand: the U.S. Treasury, the artificial intelligence capital expenditure cycle, and the absence of the largest and least price-sensitive buyer in the market—the Federal Reserve. Additionally, other relatively stable central bank buyers, such as Japan, China, and Gulf nations, have also reduced their participation to some extent. (Jin10)