Today, looking of course at the impact of the US Treasury&#x27;s increase of its treasury buyback program and the knock-on effects across asset markets, particularly the plunge in the US dollar versus hard- and even more so crypto assets. Importantly, we don&#x27;t feel we have all of the answers, but hopefully we are asking some of the most important questions and pointing out the pivotal developments to watch as we head for what is now a much higher stakes Jackson Hole appearance by Fed Chair Warsh next week, after the Treasury has sent this critical signal. Today&#x27;s pod hosted by Saxo Global Head of Macro Strategy John J. Hardy. Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here. Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo. Intro music by AShamaluevMusic DISCLAIMER This content is marketing material. Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.

US Treasury buyback announcement sets fire to the US dollar.

Saxo Market Call

Welcome to the Saxo Market Call. Before we get started, it's important we emphasize that the views and opinions expressed in this podcast are those of the hosts and guests and do not constitute investment advice or recommendations. All information provided is for educational and entertainment purposes only.

Hey everyone, it's Thursday the 20th of August, 2026. And wow, what a development yesterday. The signal value more than the monetary value of course, the US Treasury announcing some alterations to its buyback program. We'll be getting deep into that. So many questions. This is a sparking and commentary and I know better than you kind of comments as well. I don't know better than anybody else. I'll put that in there as a caveat, but I think I hopefully will raise some of the most important questions.

That come from this. Long story short, though, so we get this announcement basically increasing the size of these, you know, supposedly these liquidity operations that the Treasury conducts to keep Treasury market functioning nice also for maybe less liquid bonds that are less in demand, etc. And then for the 10 and out to 30 year portion of that, these operations are being increased from 2 to 4 billion. And that is effective as of September 9th.

So earlier than I guess was anticipated around the next announcement related to this whole buyback operation, which was scheduled for November 4th. And supposedly on November 4th, we'll get some more information incoming. So what is the Treasury trying to do here? Well, I think the number one, you know, obvious thing here is that this the timing of this coming as all the headlines and the Saxo Market Call podcast are saying that and noting that the 30 year yield has gone to...

US Treasury buyback announcement sets fire to the US dollar.

Read the full transcript

The candid version is on a podcast,
not the earnings call.

US Treasury buyback announcement sets fire to the US dollar.

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.