TGA

Sources suggest Bessent could use nearly $1 trillion from the Treasury General Account to fund bond buybacks. Using the TGA would give the Treasury considerable power intended to influence long-term bond yields.

Two senior Treasury officials indicated that the TGA cash account is considered available for purchasing off-the-run securities. The Treasury could potentially tap its near-$1 trillion cash reserves to fund bond buybacks, although no specific amount or timing has been established.