The U.S. Treasury Department doubled the upper limit of the 10-30-year Treasury bond repurchase scale to US$4 billion, triggering fierce market disagreements over "policy support" and "limited efficacy." Wmax Macro Research pointed out that Bessent is breaking the traditional framework of the Ministry of Finance with hedge fund-style concentrated signal trading, but repurchase operations only marginally improve liquidity and cannot resolve underlying pressures such as fiscal deficits, rebounding inflation, and supply and demand imbalances. High and volatile long-term U.S. bond yields will be the norm, and the logic of asset allocation in major categories will continue to be restructured.