Treasury Buybacks · Liquidity Support

Treasury Liquidity Support Buybacks

A liquidity support buyback is Treasury’s regular, scheduled offer to buy back older notes, bonds and TIPS, once or twice a week.

Data as of · final results · 138 operations since May 29, 2024

Latest liquidity support buyback: Wednesday, Oct 21, 2026

Latest buyback

$750M

1 to 10-year TIPS · 100% of max

Next buyback

Oct 27, 2026

20 to 30-year notes and bonds · up to $4B or more · tentative

FY2027 to date

$20.08B

5 operations

2026 so far

$105.93B

54 operations

On Wednesday, Oct 21, 2026, Treasury bought back $750 million of TIPS maturing in 1 to 10 years in a liquidity support operation, the full $750 million maximum, from $4.75 billion offered (6.33 times the amount accepted). Next buyback: Oct 27, 2026 (tentative).

Accepted against the maximum

The last 60 operations, oldest to newest: the outline is Treasury's maximum, the filled bar what it bought. The table below has every figure.

Par accepted and maximum at the last 60 Treasury liquidity support buybacks$0B$2B$4B$6B20252026

Latest Liquidity Support Buyback

Wednesday, Oct 21, 2026 · 1:40 to 2:00 pm ET

TIPS 1Y to 10Y · Liquidity Support

$750M

par accepted · 100% of the $750M maximum · settles Oct 22, 2026

Offered

$4.75B

6.33× the amount accepted

Issues bought

8

of 27 eligible

Average price

95.47

per $100 of unadjusted principal

Maximum

$750M

par

Securities Treasury bought back on Oct 21, 2026
CUSIPCouponMaturesPar boughtAvg price
91282CJH52.375%Oct 15, 2028$150M100.285
912810PZ52.500%Jan 15, 2029$75M100.217
91282CDX60.125%Jan 15, 2032$75M88.392
91282CEZ00.625%Jul 15, 2032$35M90.195
91282CJY81.750%Jan 15, 2034$20M94.258
91282CLE91.875%Jul 15, 2034$120M94.859
91282CML22.125%Jan 15, 2035$100M95.875
91282CNS61.875%Jul 15, 2035$175M93.715

That is $145 million more than the previous liquidity support operation in the same maturity range, on Sep 29, 2026 ($605 million).

Treasury figures: par offered, accepted and maximum, issues, and each security's price. TFTC calculation: the share of the maximum, the offer ratio, the par-weighted average price. Source: Treasury's official results (PDF).

Upcoming liquidity support buybacks

Upcoming Treasury buyback operations, announced and tentative
DateWindowProgramSecuritiesMaximumStatus
Tue Oct 27, 20261:40 to 2:00 pm ETLiquidity SupportNominal 20Y to 30Yat least $4BTentative
Wed Nov 4, 20261:40 to 2:00 pm ETLiquidity SupportNominal 10Y to 20Yat least $4BTentative
Thu Nov 5, 20261:40 to 2:00 pm ETLiquidity SupportNominal 1Mo to 2Y$4BTentative

Every liquidity support buyback

The 20 most recent Treasury liquidity support buybacks
DateSecuritiesMaximumOfferedAcceptedFillOffer ratioAvg priceIssuesOfficial results
TIPS 1Y to 10Y$750M$4.75B$750M100%6.33×95.478/27Results PDF
Nominal 10Y to 20Y$6B$40.84B$6B100%6.81×66.163/42Results PDF
Nominal 20Y to 30Y$6B$14.89B$6B100%2.48×54.5710/34Results PDF
Nominal 2Y to 3Y$4B$14.76B$1.33B33%11.13×96.3812/33Results PDF
Nominal 10Y to 20Y$6B$46.39B$6B100%7.73×74.472/41Results PDF
TIPS 1Y to 10Y$750M$3.98B$605M81%6.58×92.447/28Results PDF
Nominal 20Y to 30Y$6B$10.47B$4.08B68%2.57×59.3312/35Results PDF
Nominal 7Y to 10Y$4B$9.74B$2.38B60%4.08×96.256/10Results PDF
TIPS 10Y to 30Y$500M$2.09B$500M100%4.18×81.226/16Results PDF
Nominal 10Y to 20Y$6B$10.49B$5.19B87%2.02×70.6323/40Results PDF
Nominal 5Y to 7Y$4B$8.4B$1.19B30%7.05×96.4710/25Results PDF
Nominal 3Y to 5Y$4B$10.16B$1.86B47%5.46×99.053/48Results PDF
Nominal 20Y to 30Y$2B$19.87B$2B100%9.93×64.683/36Results PDF
Nominal 10Y to 20Y$2B$7.4B$2B100%3.70×79.782/37Results PDF
Nominal 1Mo to 2Y$4B$35.79B$4B100%8.95×99.6415/61Results PDF
Nominal 20Y to 30Y$2B$21.93B$2B100%10.97×60.363/35Results PDF
Nominal 10Y to 20Y$2B$16.3B$2B100%8.15×79.722/38Results PDF
TIPS 1Y to 10Y$750M$3.19B$405M54%7.89×95.266/27Results PDF
Nominal 20Y to 30Y$2B$30.54B$2B100%15.27×66.013/36Results PDF
Nominal 2Y to 3Y$4B$12.46B$2.29B57%5.43×96.6411/32Results PDF
Show 120 earlier operations, back to May 29, 2024+
Earlier Treasury liquidity support buybacks
DateOperation and accepted par
Jul 1, 2026Nominal 10Y to 20Y, $2B Results PDF
Jun 25, 2026Nominal 20Y to 30Y, $2B Results PDF
Jun 24, 2026TIPS 1Y to 10Y, $750M Results PDF
Jun 16, 2026Nominal 7Y to 10Y, $570M Results PDF
Jun 9, 2026Nominal 10Y to 20Y, $2B Results PDF
Jun 3, 2026Nominal 20Y to 30Y, $2B Results PDF
May 28, 2026TIPS 10Y to 30Y, $91M Results PDF
May 21, 2026Nominal 5Y to 7Y, $300M Results PDF
May 19, 2026Nominal 3Y to 5Y, $1.67B Results PDF
May 13, 2026TIPS 1Y to 10Y, $735M Results PDF
May 7, 2026Nominal 1Mo to 2Y, $4B Results PDF
May 6, 2026Nominal 10Y to 20Y, $2B Results PDF
Apr 28, 2026Nominal 20Y to 30Y, $2B Results PDF
Apr 23, 2026Nominal 2Y to 3Y, $358M Results PDF
Apr 15, 2026Nominal 10Y to 20Y, $2B Results PDF
Apr 9, 2026Nominal 20Y to 30Y, $2B Results PDF
Mar 26, 2026Nominal 10Y to 20Y, $2B Results PDF
Mar 25, 2026TIPS 10Y to 30Y, $110M Results PDF
Mar 19, 2026Nominal 20Y to 30Y, $205M Results PDF
Mar 12, 2026Nominal 7Y to 10Y, $55M Results PDF
Mar 5, 2026Nominal 10Y to 20Y, $2B Results PDF
Mar 4, 2026Nominal 3Y to 5Y, $2.46B Results PDF
Feb 25, 2026TIPS 1Y to 10Y, $745M Results PDF
Feb 24, 2026Nominal 20Y to 30Y, $2B Results PDF
Feb 19, 2026Nominal 5Y to 7Y, $1.56B Results PDF
Feb 10, 2026Nominal 10Y to 20Y, $2B Results PDF
Feb 5, 2026Nominal 20Y to 30Y, $2B Results PDF
Feb 4, 2026Nominal 1Mo to 2Y, $4B Results PDF
Jan 27, 2026TIPS 1Y to 10Y, $735M Results PDF
Jan 22, 2026Nominal 10Y to 20Y, $2B Results PDF
Jan 21, 2026Nominal 2Y to 3Y, $2.79B Results PDF
Jan 16, 2026Nominal 7Y to 10Y, $210M Results PDF
Jan 14, 2026Nominal 20Y to 30Y, $2B Results PDF
Jan 8, 2026Nominal 10Y to 20Y, $2B Results PDF
Dec 23, 2025TIPS 10Y to 30Y, $108M Results PDF
Dec 18, 2025Nominal 20Y to 30Y, $2B Results PDF
Dec 17, 2025Nominal 3Y to 5Y, $3.71B Results PDF
Dec 4, 2025Nominal 10Y to 20Y, $2B Results PDF
Nov 25, 2025TIPS 1Y to 10Y, $750M Results PDF
Nov 20, 2025Nominal 20Y to 30Y, $785M Results PDF
Nov 18, 2025Nominal 5Y to 7Y, $3.39B Results PDF
Nov 12, 2025TIPS 10Y to 30Y, $142M Results PDF
Nov 5, 2025Nominal 10Y to 20Y, $2B Results PDF
Oct 28, 2025Nominal 20Y to 30Y, $2B Results PDF
Oct 22, 2025Nominal 2Y to 3Y, $1.9B Results PDF
Oct 16, 2025Nominal 7Y to 10Y, $192M Results PDF
Oct 7, 2025Nominal 10Y to 20Y, $2B Results PDF
Oct 2, 2025Nominal 20Y to 30Y, $2B Results PDF
Oct 1, 2025Nominal 3Y to 5Y, $2.9B Results PDF
Sep 24, 2025TIPS 1Y to 10Y, $750M Results PDF
Sep 18, 2025Nominal 10Y to 20Y, $2B Results PDF
Sep 10, 2025Nominal 20Y to 30Y, $2B Results PDF
Sep 3, 2025Nominal 10Y to 20Y, $2B Results PDF
Aug 26, 2025Nominal 5Y to 7Y, $1.4B Results PDF
Aug 21, 2025Nominal 20Y to 30Y, $2B Results PDF
Aug 19, 2025Nominal 1Mo to 2Y, $4B Results PDF
Aug 13, 2025TIPS 1Y to 10Y, $750M Results PDF
Aug 6, 2025TIPS 7.5Y to 30Y, $500M Results PDF
Jul 31, 2025Nominal 10Y to 20Y, $2B Results PDF
Jul 23, 2025Nominal 3Y to 5Y, $4B Results PDF
Jul 16, 2025TIPS 1Y to 7.5Y, $500M Results PDF
Jul 10, 2025Nominal 5Y to 7Y, $1.25B Results PDF
Jul 2, 2025Nominal 20Y to 30Y, $2B Results PDF
Jun 25, 2025TIPS 7.5Y to 30Y, $500M Results PDF
Jun 17, 2025Nominal 7Y to 10Y, $1.07B Results PDF
Jun 12, 2025Nominal 2Y to 3Y, $1.55B Results PDF
Jun 4, 2025Nominal 10Y to 20Y, $2B Results PDF
May 29, 2025Nominal 20Y to 30Y, $2B Results PDF
May 21, 2025TIPS 1Y to 7.5Y, $500M Results PDF
May 15, 2025Nominal 1Mo to 2Y, $4B Results PDF
May 6, 2025Nominal 10Y to 20Y, $2B Results PDF
May 1, 2025TIPS 7.5Y to 30Y, $179M Results PDF
Apr 22, 2025Nominal 3Y to 5Y, $4B Results PDF
Apr 15, 2025Nominal 5Y to 7Y, $443M Results PDF
Apr 8, 2025TIPS 1Y to 7.5Y, $500M Results PDF
Apr 2, 2025Nominal 20Y to 30Y, $2B Results PDF
Mar 26, 2025TIPS 7.5Y to 30Y, $407M Results PDF
Mar 18, 2025Nominal 7Y to 10Y, $985M Results PDF
Mar 11, 2025Nominal 2Y to 3Y, $4B Results PDF
Mar 5, 2025Nominal 10Y to 20Y, $2B Results PDF
Feb 26, 2025Nominal 20Y to 30Y, $2B Results PDF
Feb 20, 2025TIPS 1Y to 7.5Y, $500M Results PDF
Feb 12, 2025Nominal 1Mo to 2Y, $4B Results PDF
Feb 6, 2025Nominal 10Y to 20Y, $2B Results PDF
Jan 28, 2025TIPS 7.5Y to 30Y, $500M Results PDF
Jan 22, 2025Nominal 3Y to 5Y, $4B Results PDF
Jan 15, 2025Nominal 5Y to 7Y, $2.19B Results PDF
Jan 9, 2025TIPS 1Y to 7.5Y, $500M Results PDF
Jan 7, 2025Nominal 20Y to 30Y, $2B Results PDF
Dec 17, 2024TIPS 7.5Y to 30Y, $500M Results PDF
Dec 9, 2024Nominal 7Y to 10Y, $195M Results PDF
Dec 5, 2024Nominal 2Y to 3Y, $2.27B Results PDF
Nov 25, 2024Nominal 10Y to 20Y, $2B Results PDF
Nov 20, 2024Nominal 20Y to 30Y, $2B Results PDF
Nov 13, 2024Nominal 1Mo to 2Y, $4B Results PDF
Nov 6, 2024TIPS 1Y to 7.5Y, $170M Results PDF
Oct 31, 2024Nominal 10Y to 20Y, $2B Results PDF
Oct 23, 2024TIPS 7.5Y to 30Y, $323M Results PDF
Oct 16, 2024Nominal 3Y to 5Y, $4B Results PDF
Oct 10, 2024Nominal 5Y to 7Y, $2.47B Results PDF
Oct 2, 2024TIPS 1Y to 7.5Y, $235M Results PDF
Sep 24, 2024Nominal 20Y to 30Y, $2B Results PDF
Sep 17, 2024TIPS 7.5Y to 30Y, $153M Results PDF
Sep 10, 2024Nominal 7Y to 10Y, $449M Results PDF
Sep 4, 2024Nominal 2Y to 3Y, $2.29B Results PDF
Aug 28, 2024Nominal 10Y to 20Y, $2B Results PDF
Aug 21, 2024TIPS 1Y to 7.5Y, Not held as announced; see Treasury's notice
Aug 21, 2024TIPS 1Y to 7.5Y, $351M Results PDF
Aug 15, 2024Nominal 20Y to 30Y, $2B Results PDF
Aug 7, 2024Nominal 1Mo to 2Y, $4B Results PDF
Jul 24, 2024Nominal 7Y to 10Y, $0 Results PDF
Jul 18, 2024Nominal 3Y to 5Y, $809M Results PDF
Jul 17, 2024Nominal 3Y to 5Y, Not held as announced; see Treasury's notice
Jul 10, 2024TIPS 7.5Y to 30Y, $53M Results PDF
Jul 2, 2024Nominal 10Y to 20Y, $2B Results PDF
Jun 26, 2024Nominal 2Y to 3Y, $2B Results PDF
Jun 20, 2024Nominal 5Y to 7Y, $1.86B Results PDF
Jun 11, 2024TIPS 1Y to 7.5Y, $500M Results PDF
Jun 5, 2024Nominal 20Y to 30Y, $2B Results PDF
May 29, 2024Nominal 1Mo to 2Y, $2B Results PDF

Earlier operations show accepted par. Results PDF links open Treasury's official results where available. Full terms are in the operation JSON records.

Treasury figures, all par (face value): Maximum = the most Treasury said it would buy; Offered = par holders offered to sell; Accepted = par Treasury bought; Issues = securities bought / securities eligible. TFTC calculations: Fill = accepted as a share of the maximum; Offer ratio = offered divided by accepted; Avg price = par-weighted average price per $100 (for TIPS, of unadjusted principal). Results PDF = Treasury's official results, linked on recent and older rows where available. Every operation keeps a permanent anchor.

Totals by fiscal year

Treasury liquidity support buybacks by fiscal year, par accepted
Fiscal yearLiquidity SupportTotalOperations
FY2027$20.08B (5)$20.08B5
FY2026$111.73B (64)$111.73B64
FY2025$91.12B (52)$91.12B52
FY2024$24.47B (17)$24.47B17

Frequently Asked Questions

When is the next liquidity support buyback?
The next Treasury buyback is a liquidity support operation for notes and bonds maturing in 20 to 30 years on Tuesday, Oct 27, 2026, 1:40 to 2:00 pm ET, buying up to at least $4 billion. It is on Treasury's tentative schedule; Treasury confirms each operation with a preliminary announcement, usually the business day before.
What was the latest liquidity support buyback?
On Wednesday, Oct 21, 2026, Treasury bought back $750 million of TIPS maturing in 1 to 10 years in a liquidity support operation, the full $750 million maximum, from $4.75 billion offered (6.33 times the amount accepted). That is $145 million more than the previous liquidity support operation in the same maturity range, on Sep 29, 2026 ($605 million). These are Treasury's final results.
How much has Treasury bought in liquidity support buybacks?
$247.41 billion of par in 138 operations from May 29, 2024 to Oct 21, 2026. Treasury bought the full announced maximum in 83 of them; in the rest, holders offered less than the maximum or Treasury judged the offers too far from market prices.
Why does Treasury do liquidity support buybacks?
Treasury's stated aim is to bolster market liquidity by giving holders a regular and predictable opportunity to sell older (off-the-run) notes, bonds and TIPS. Treasury says it does not intend to use buybacks to address acute market stress, and that buybacks are not meant to change the overall maturity profile of the debt.
Is a Treasury buyback QE?
No. Quantitative easing is the Federal Reserve buying Treasury and agency securities for its own portfolio to push longer-term interest rates down; the Fed pays by crediting banks' reserve accounts, so its balance sheet grows and the securities stay outstanding. A Treasury buyback is the borrower buying back its own older securities. The New York Fed runs each operation only as Treasury's fiscal agent, and the securities are retired at settlement. Treasury raises the cash by selling other Treasury securities: its August 2026 borrowing estimate says buybacks are not expected to significantly affect net borrowing because new issuance replaces the securities bought back. The Fed's balance sheet does not grow and the total debt investors hold changes little; what changes is which securities they hold. See TFTC's read on this page for why TFTC calls the larger long-end bid implicit yield curve control.

Data: US Department of the Treasury (Fiscal Data and TreasuryDirect); Treasury's results PDF is linked on recent and older rows where one exists. Every operation keeps a permanent anchor; full records are in the open JSON. Fill rates, offer ratios, average prices and cash cost are TFTC's arithmetic. Why a buyback is not QE, and how operations work, is on the Treasury buybacks page. Full record as open JSON, the latest operation and the schedule as latest.json (CC BY 4.0). Sources and arithmetic: methodology and changelog. Cite as: TFTC, Treasury buyback tracker (tftc.io/treasury-buybacks/liquidity-support), data through Oct 21, 2026. Not investment advice.