Does the 30-year US Treasury par yield stay at or below its 17 August high of 5.31 per cent through 2 September 2026?

Three of the last five major bond routs since 1994 were capped by the intervention, and in each the fix altered real supply or demand: unlimited Fed purchases in 2020, the Bank of England's £65bn gilt operation in 2022, the Treasury's issuance shift in November 2023. Reassurance and half-measures, as in 1994 and 2013, let yields climb for months. The window and the full record are the same five cases, because routs of this size are rare. A doubled buyback recycles existing debt rather than cutting issuance, which places 19 August closer to the two failures than to the three that worked, and the relief faded within a day.