The U.S. Treasury doubled its quarterly buyback cap to $60 billion from $30 billion for the October-December period after its first two operations attracted only $2 billion of $20 billion offered. The September 25 and 27, 2024 auctions each offered $10 billion but accepted about $1 billion in bids. The program, restarted after a 20-year hiatus, is intended to improve Treasury-market liquidity, manage the government’s debt profile and reduce reliance on short-term bills, which have reached a record share of marketable debt. Limited demand was attributed to the targeted off-the-run securities, a steep yield curve and investor preference for holding higher-yielding assets in a volatile rate environment. The higher cap gives the Treasury room to conduct larger operations and adjust the maturity mix, although analysts say pricing or security selection may need to change to attract sellers. They view the move as a pragmatic adjustment and a sign of commitment rather than a failure of the program.