US Treasury Primary Dealer Meeting Agenda:

On August 19, Treasury announced that it would increase the size of liquidity support buyback operations for longer-dated nominal coupon securities (the 10-year to 20-year sector and the 20-year to 30-year sector). Asked following questions: Please comment on the effects of those larger buybacks on liquidity and market functioning. How have the larger buybacks in those sectors affected your capacity to intermediate flows? Have you observed any changes in client interest in participating in buybacks, either directly or indirectly, following this change? What, if any, additional changes should Treasury consider to enhance the effectiveness of the buyback program On the Treasury’s quarterly refunding statement that highlighted that it is focused on trends in structural demand as it continues to evaluate future changes to nominal coupon and FRN auction sizes. The Treasury noted: Please provide your perspective on structural changes in investor demand and your expectations for how demand may evolve over the intermediate term. What futures changes to auction sizes should Treasury consider, given expected borrowing needs and investor demand?