Based on feedback from a broad variety of market participants, including the Treasury Borrowing Advisory Committee and primary dealers, Treasury believes it would be beneficial to conduct regular buyback operations for cash management and liquidity support purposes. Treasury anticipates designing a buyback program that will be conducted in a regular and predictable manner, initially sized conservatively, and not intended to meaningfully change the overall maturity profile of marketable debt outstanding.
Given various operational and design considerations, Treasury expects to begin a regular buyback program in calendar year 2024. Treasury will continue to engage with market participants as it designs the specific buyback program details and will provide further updates to the public on its implementation plans in future quarterly refunding announcements.
The full notice is available at https://home.treasury.gov/news/press-releases/jy1460