---
title: Is the US quietly moving toward QE and Yield Curve Control—without calling it either?
description: "Here’s the mechanism:\n\n1️⃣ The Treasury issues more short-term T-bills.\n2️⃣ The Fed buys bills, injecting liquidity into the system.\n3️⃣ The Treasury uses its cash and buyback program to retire longer-dated Treasuries.\n\nThe result?\n\n👉 More demand at the long end.\n👉 Less duration risk in the market.\n👉 Potential downward pressure on long-term yields.\n\nTechnically, this isn't traditional QE because the Fed isn't directly buying 10Y or 30Y Treasuries.\n\nBut economically, the distinction could become increasingly blurred.\n\nWith US interest costs exploding and long-term yields above 5%, policymakers have a powerful incentive to prevent the long end from spiraling higher.\n\nCall it buybacks.\nCall it liquidity management.\nCall it maturity transformation.\n\nBut if the objective increasingly becomes controlling long-term borrowing costs…\n\nWe may eventually get Yield Curve Control—just with a different name tag\n\nSource: Lukas Ekwueme\n@ekwufinance\nHoisington Investment Management"
---

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# [Is the US quietly moving toward QE and Yield Curve Control—without calling it either?](https://blog.syzgroup.com/syz-the-moment/is-the-us-quietly-moving-toward-qe-and-yield-curve-control-without-calling-it-either)

 Written by [Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/syz-the-moment/author/charles-henry-monchau) | Aug 20, 2026, 2:39:44 PM

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