According to CoinMeta, the U.S. Treasury Department stepped in to curb the selling pressure in the bond market, with the dollar hovering near a three-month low on Thursday. This selling spree had pushed long-term bond yields to their highest levels since 2007, thereby weakening the support for the dollar. Some analysts said that this move would help ease the pressure on the longer end of the yield curve without the need for the Federal Reserve to expand its balance sheet. Prashant Newnaha, a senior interest rate strategist at TD Securities, stated that this repurchase is not quantitative easing, but the U.S. Treasury Department has made concessions to market pressures. Newnaha also mentioned that the Treasury Department will announce more details about its future repurchase plans on November 4th, which coincides with the day after the U.S. midterms. Stonex, a senior market analyst, said that this means the dollar has lost one of its strongest pillars of support, and the dollar's highs this year may now be in the past.