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Bessent (The 🏠) conducted a $6 billion 10–20 year buyback on Thursday, Oct 1. This was the 1st time since Bessent expanded the program that he used the maximum. The operation’s settlement date was Friday, Oct 2, so Treasury cash went to sellers, & arguably provided ongoing liquidity support entering NFP on Friday morning. Bessent’s $6B Thursday buyback is particularly notable, as he had meaningfully undershot his buyback caps in all preceding operations. Then, immediately ahead of NFP, Bessent suddenly used the entire $6B capacity. Simultaneously, on Thursday, Bessent publicly pressured European governments to accelerate releases of diesel supplies, forcing WTI down -3.7% Friday morning, helping ease a primary inflation pressure on Treasuries & equities.