The US Treasury Department solicited opinions from various parties in its quarterly survey of Tier 1 traders and asked what adjustments to the auction scale should be considered in the future in view of “structural changes in investor demand and expectations for the medium term evolution path of demand.” The survey also asked about the impact of larger long-term treasury bond repurchases on liquidity and market operations, including: How can larger repurchases affect the ability of traders to mediate capital flows? Has the customer's interest in directly or indirectly participating in the buyback changed after the above adjustments? What additional adjustments should the Ministry of Finance consider to improve the effectiveness of the repurchase program? Additionally, traders were asked if the Treasury Department should adjust its practices in selling short-term treasury notes and floating rate notes to avoid selling them on the day of the Federal Open Market Committee meeting. The 10-year US Treasury yield rose again by 6.3 basis points, recovering 5.12%; the 10-year US Treasury yield rose 5.4 basis points, and the 2-year US Treasury yield turned up.

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