According to CoinMeta and research by ChaoXiang, Morgan Stanley mentioned in a research report on August 20 that the U.S. Treasury Department has increased the scale of repurchase operations for 10- to 20-year and 20- to 30-year Treasury bonds from $2 billion per transaction to at least $4 billion, with implementation scheduled to begin on September 9. The total increase for these two maturities is $1.6 billion in nominal amount, which corresponds to approximately $19.3 million dv01. Morgan Stanley believes that this move is intended to signal to the market an emphasis on long-term interest rate dynamics. The recent rise in the yield on 10-year Treasury bonds reflects the market's re-pricing of energy prices and central bank policy paths, rather than concerns about deficits or supply.