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These days I have seen a particularly schizophrenic scene. On one side, Federal Reserve Chair Powell is hawkish: inflation is too high, rate hikes are possible, the 10-year US Treasury yield surged to 4.75%, and the market is on edge. On the other side, the US Treasury Department announced that starting September 9, it will at least double the repurchase scale of 10- to 30-year Treasury bonds. What is a repurchase? It means the Treasury is spending real money to buy back its long-term