The U.S. Department of the Treasury is considering using a portion of the <\/span>Treasury General Account (TGA)<\/b>, the government\u2019s nearly <\/span>$950 billion cash account<\/b> at the Federal Reserve, to support its recently expanded bond buyback program. <\/span>CNBC<\/span><\/a> quoted two senior Treasury officials as saying that this option could boost resources for efforts to stabilize the long-end Treasury market amid persistently high yields.<\/span><\/p>\n These officials said the TGA is being viewed as a potential source of funds for the recently expanded government bond buyback program. They have not yet specified whether the Treasury will use the account, the size of any such drawdowns, or the timing of an announcement if it implements the plan.<\/span><\/p>\n Previously, the more widely watched option was issuing additional short-term Treasury bills to fund buybacks of long-term debt. Treasury Secretary<\/span> Scott Bessent<\/b> had described this approach as a form of \u201c<\/span>Treasury Twist,<\/span><\/i>\u201d indicating that the focus is on shifting the debt maturity structure rather than expanding the balance sheet like the Fed\u2019s asset purchase programs.<\/span><\/p>\n If the TGA is used, the Treasury could draw down a portion of its cash holdings at the Fed to buy back bonds, rather than immediately issuing additional bills. According to the Fed\u2019s H.4.1 data, the TGA stood at $953.6 billion as of August 19, close to the assumed cash balance of $950 billion for the end of September in the Treasury\u2019s latest quarterly borrowing plan.<\/span><\/p>\nTreasury Looks to Its Cash Account<\/b><\/h2>\n
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