The US Treasury’s surprise decision to double the size of its regular long-end bond buybacks has reignited debate about how governments can manage rising borrowing needs and weaker demand for longer-dated debt.
In this episode, Imogen Bachra is joined by Stuart Sparks and Oriane Parmentier to assess what the Treasury’s move is really designed to achieve – and whether it can do anything to address the underlying fiscal pressures facing the US.
The discussion also looks at the UK’s experience of reducing the average maturity of government borrowing, and why this may offer a warning to other developed markets. In Europe, France remains firmly in focus as investors assess its fiscal position, political risks and the outlook for French government bonds.
Key takeaways:
* Why the US Treasury doubled the size of its long-end buybacks
* The move is more about market liquidity than curve control
* The lessons the US and Europe can draw from the UK
* Why shrinking average maturity may have limited impact on long-term yields
* The structural forces pushing European curves steeper
* What to expect from the Fed at Jackson Hole
* Why the ECB looks increasingly likely to hike in September
* The BoE is in less of a hurry to raise rates.
Host: Imogen Bachra, Head of Economics and Markets Strategy
Guests: Oriane Parmentier, European Rates Strategist
Stuart Sparks, Head of US Rate Strategy
This episode was recorded on 27 August 2026.
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