Brilliant Liquidity · since 2013

Capital markets,
read beneath the surface.

Market-structure-aware advisory and insight for companies and investors — and a published view of the plumbing, fragility, and hidden flows the standard dashboards don't show.

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Reading № 002 · Treasuries

A proposal: time to issue a 50-year bond to term out Treasury bills, while the long end is relatively cheap

The US has a shorter average debt maturity than most other OECD countries, and it is a relatively cheap time to extend. An announced, gradual 50-year program issued instead of Treasury bills would buy insurance against an inflation shock, with the buybacks as a backstop and the Federal Reserve's Treasury bills as a release valve if short collateral gets tight.

TreasuriesDebt managementIssuanceBuybacksLiquidityInflationFiscal
A proposal: time to issue a 50-year bond to term out Treasury bills, while the long end is relatively cheap — exhibit
Sourced · OECD · US Treasury · Federal Reserve · DMOs · Oct 16, 2026 · 19:45 ET
Reading № 001 · Treasuries

The Treasury's upsized liquidity support is about market functionality, not yield suppression

Many market participants and commentators are calling Treasury’s buybacks a failed attempt to lower interest rates. As of September 11, 2026, yields are nearly 30 basis points higher than before the program's August expansion. What they are missing is that the move has been orderly so far. The upsized buyback program is extra tail insurance for a levered Treasury complex that ballooned to a record in 2024 and remains large.

TreasuriesBuybacksLiquidityMarket StructureFragilityRepo & fundingBasis tradeFiscal
The Treasury's upsized liquidity support is about market functionality, not yield suppression — exhibit
Sourced · US Treasury · CFTC · Federal Reserve · WSJ · Sep 11, 2026 · 19:20 ET

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