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#TreasuryBuybackTest Treasury buybacks can make the bond market smoother. They can't make America's debt problem disappear. Doubling the long-bond buyback cap may reduce volatility, but deficits, heavy issuance and inflation still determine what investors demand to lend for 30 years. That's the distinction I'm watching. Better liquidity can calm markets without creating cheaper money. If long yields stay elevated anyway, stocks, gold and BTC may still have to adjust.