Daly: Too Early to Assess Impact of Treasury's Bond Buybacks

San Francisco Fed President Mary Daly stated that it is too early to assess the impact of the U.S. Treasury's doubling of its liquidity-support buyback operations for long-term bonds on Federal Reserve monetary policy management.

The move, announced by the Treasury on August 19th, will double the size of its buyback operations from $2 billion to at least $4 billion per operation for longer-dated nominal coupon securities.

This development came as a response to sharply rising long-term borrowing costs that have been adversely affecting credit conditions across the global economy.