Dow Jones futures gained early Wednesday after the U.S. Treasury Department announced a regular buyback program for older, less liquid bonds. The announcement helped push the 10-year Treasury yield down 8 basis points to 4.52%, from recent highs above 4.7% earlier this month, easing pressure on equity valuations. The program, which begins in 2025, is designed to improve liquidity and stabilize the $27 trillion Treasury market rather than provide monetary stimulus. CME FedWatch futures now imply a 62% chance of a 25-basis-point Federal Reserve (U.S. central bank) rate cut at the June 2025 meeting, up from 48% a week ago. Moody's Analytics chief economist Mark Zandi said, "This is about liquidity, not stimulus," adding that the measure supports market structure without changing the fundamental outlook for inflation or growth. Lower yields could reduce borrowing costs and support consumer spending, business investment and stocks, but the rally's durability will depend on the program's performance and upcoming November jobs and CPI data.