Uploaded August 2026 | Updated September 2026, 2 weeks ago
Treasury buybacks are pitched as a liquidity measure, but if markets read them as a cap on long end yields, the U.S. dollar does the adjusting.
David Scutt, StoneX Media Senior Market Analyst for Global Macro, breaks down the expanded buyback program and why the signal matters more than the size.
U.S. public debt has now topped $40 trillion, with debt held by the public already around 100% of gross domestic product and net interest costs projected to climb, according to the independent Congressional Budget Office. Long dated Treasury yields have been pushing back toward cycle highs, and the market is being asked to absorb an ever growing supply of debt on supply and demand alone. Because the United States runs a persistent current account deficit and a deeply negative net international investment position, it relies on foreign capital continuing to arrive, and yields are one of the main things attracting it.
Discover Actionable Insights with the latest Market Outlook Reports: intel.stonex.com/offer?language=en&campaignId=A908C315-DC62-4F35-AC16-870BB71E84D1&utm_source=youtube&utm_medium=social&utm_campaign=sxtv_guest_david_scutt&utm_content=share
00:00 - Debt Spills Into the Dollar
00:34 - U.S. Debt Tops $40 Trillion
01:02 - Buyback Math Is Still Small
01:28 - Foreign Capital Calls Shots
01:58 - Lower Yields, Less Reward
02:28 - Not Yield Control, Not Yet
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#Treasuries #StoneX #DavidScutt #Forex
Treasury buybacks are pitched as a liquidity measure, but if markets read them as a cap on long end yields, the U.S. dollar does the adjusting.
David Scutt, StoneX Media Senior Market Analyst for Global Macro, breaks down the expanded buyback program and why the signal matters more than the size.
U.S. public debt has now topped $40 trillion, with debt held by the public already around 100% of gross domestic product and net interest costs projected to climb, according to the independent Congressional Budget Office. Long dated Treasury yields have been pushing back toward cycle highs, and the market is being asked to absorb an ever growing supply of debt on supply and demand alone. Because the United States runs a persistent current account deficit and a deeply negative net international investment position, it relies on foreign capital continuing to arrive, and yields are one of the main things attracting it.
Discover Actionable Insights with the latest Market Outlook Reports: intel.stonex.com/offer?language=en&campaignId=A908C315-DC62-4F35-AC16-870BB71E84D1&utm_source=youtube&utm_medium=social&utm_campaign=sxtv_guest_david_scutt&utm_content=share
00:00 - Debt Spills Into the Dollar
00:34 - U.S. Debt Tops $40 Trillion
01:02 - Buyback Math Is Still Small
01:28 - Foreign Capital Calls Shots
01:58 - Lower Yields, Less Reward
02:28 - Not Yield Control, Not Yet
Like and subscribe for more financial market insights.
#Treasuries #StoneX #DavidScutt #Forex
