According to CoinMeta, CIFC, the Managing Director of Asset Management, Natalia Lojevsky, stated that the repurchase of U.S. Treasury bonds does not cancel the debt, and therefore cannot address the structural issues that drive up yields. She pointed out that when the U.S. Treasury Department repurchases bonds and then finances the repurchases by issuing bonds with shorter maturities, this is actually a form of maturity replacement, rather than deleveraging. The long-term shape of the U.S. Treasury yield curve is facing pressure from multiple parties competing for limited duration buying, including the U.S. Treasury Department, the cycle of capital expenditure in artificial intelligence, and the absence of the Federal Reserve. In addition, other relatively stable central bank buyers such as those from Japan, China, and Gulf countries have also reduced their participation to some extent.