The U.S. Treasury will increase the maximum size of its nominal long-end buyback operations from $2 billion to at least $4 billion per operation, effective September 9 through November 4. The purchases will target 10- to 30-year nominal coupon securities, where yields have climbed to levels not seen since 2007. Krishna Guha, vice chair and head of central bank strategy at Evercore ISI, said the move "certainly complicates things" for Federal Reserve Chairman Kevin Warsh but will not change the Federal Reserve’s September interest rate decision. The buybacks may provide a modest cushion for long-term Treasury yields and reduce volatility, but their size remains small relative to the outstanding stock of long-dated government debt. Guha expects the September decision to depend on inflation, labor-market and growth data rather than the Treasury’s purchases.