EQUITIES: US Cash Opening calls

SPX: 6,777.6 (+0.1%); DJIA: 47,149 (+0.1%/+63pts); NDX: 25,446.8 (+0.0%).

Treasury's buyback schedule for the upcoming quarter is here.

• The main buyback parameters for liquidity support buybacks are unchanged (up to $38B) from the previous quarter: Treasury is conducting 4 operations in each of the 10-20Y / 20-30Y buckets each for up to $2B. There will be one liquidity support buyback of up to $4B in each of the other nominal coupon buckets.
• In TIPS, there will be 2 operations in the 1-10Y bucket (up to $750M each), and 1 in 10-30Y ($500M).
• Cash management buybacks are expected to resume in December (having made none in the last Refunding quarter), with up to $12.5B in 1M to 2Y securities over 2 operations. Those will take place on Dec 2 and Dec 10. "Amounts purchased in cash management buybacks temper reductions to bill auction sizes that would otherwise occur over the same timeframe."
• As we noted could be the case in our Refunding preview, Treasury highlighted that it would expand the list of eligible counterparties to the buyback program in the first half of 2026.
• The next two buyback operations were announced in the previous Refunding for today (10-20Y) and Nov 12 (10-30Y TIPS).

+8,000 SFRZ5 96.245 (-0.005), post time offer at 0909:27ET