Yesterday, the U.S. Treasury announced it is doubling the buyback operation from 2 to 4BN. The buyback operation is designed to tighten up spreads on off the run longer dated bonds. This will increase buying power by 14BN until the next QRA, which coincidentally or not, lands right at the midterms.
The market took this as some version of QRA changes, like 2023, or QE. We saw the 10y rally 7 bps, the 30y 10 bps, the dollar get slammed and Gold each exploded higher.