Liquidity-support buybacks: par offered and accepted, by month
Liquidity-support operations only. Sum offered and accepted par amounts by calendar month. A current month may be incomplete; offered par is not market depth, and accepted par is not cash expenditure.
- Offered
- Accepted
Show the numbers (last 24)
| Date | Offered | Accepted |
|---|---|---|
| 2026-10-01 | 76.0 | 13.3 |
| 2026-09-01 | 36.8 | 12.8 |
| 2026-08-01 | 81.6 | 11.1 |
| 2026-07-01 | 100.2 | 10.7 |
| 2026-06-01 | 70.6 | 7.3 |
| 2026-05-01 | 79.6 | 8.8 |
| 2026-04-01 | 94.8 | 6.4 |
| 2026-03-01 | 104.5 | 6.9 |
| 2026-02-01 | 149.5 | 12.3 |
| 2026-01-01 | 94.6 | 9.7 |
| 2025-12-01 | 66.2 | 7.8 |
| 2025-11-01 | 64.3 | 7.1 |
| 2025-10-01 | 107.9 | 11.0 |
| 2025-09-01 | 73.6 | 6.8 |
| 2025-08-01 | 63.0 | 8.6 |
| 2025-07-01 | 59.7 | 9.8 |
| 2025-06-01 | 36.2 | 5.1 |
| 2025-05-01 | 73.8 | 8.7 |
| 2025-04-01 | 37.4 | 6.9 |
| 2025-03-01 | 35.8 | 7.4 |
| 2025-02-01 | 60.5 | 8.5 |
| 2025-01-01 | 36.2 | 9.2 |
| 2024-12-01 | 12.3 | 3.0 |
| 2024-11-01 | 44.3 | 8.2 |
Reading the evidence
Across 133 liquidity-support operations since May 2024, dealers have offered $1,726 billion of securities and Treasury has accepted $223 billion, about 13 percent, while using 72 percent of its own announced maximums. In the five operations since the August 19 decision to at least double long-end caps, only one of which fell in a sector with a raised cap, Treasury accepted 27 percent of what was offered but only 60 percent of the announced maximums. The cap alone does not establish the binding constraint: Treasury evaluates offers against prevailing market prices and may buy less than the maximum, or nothing.
Data Note: Treasury Is Offered Far More Than It Buys Back