The Swiss franc initially edged lower against the U.S. dollar as the greenback recovered ahead of the Federal Reserve’s latest meeting minutes, but later advanced on [date] after expanded U.S. Treasury buyback operations weakened the dollar. The buybacks increased demand for longer-dated bonds and pressured yields, reducing the dollar’s appeal to yield-seeking investors while raising questions about Treasury-market liquidity. Risk-off flows also supported the franc, a traditional safe-haven currency. Traders continued to monitor the Federal Open Market Committee minutes for clues on inflation and interest rates, as well as Federal Reserve policy, U.S. fiscal developments, Swiss National Bank policy and global risk sentiment. The SNB has historically intervened to limit excessive franc strength, although recent data suggests a more hands-off approach.