The Treasury curve twisted flatter this week: front-end yields retraced to local highs following Warsh’s Jackson Hole speech, while the long end has found firmer footing since Treasury's buyback announcement.Chair Warsh’s speech was a strong departure from his comments at the July FOMC meeting, endorsing his commitment to the 2% core PCE target and the primacy of the Fed funds rate over the balance sheet, while arguing labor markets are at full employment and financial conditions are not tight.We continue to forecast a 25bp hike in December, but acknowledge the risks of a September move have risen. The front end has lagged the hawkish shift in Fed rhetoric and with both the Fed and Treasury effectively capping term premium, we see no catalyst to drive term premium meaningfully higher over the near term.We examine the micro implications of increased long-end buybacks. The 20-year sector has tended to richen on the fly on the date of long-end auctions, but this impact has generally only been fleeting.We see risks that larger long-end auction sizes could modestly increase the day-of impact of buyback operations in the long end. though we would expect any impacts to be relatively short-lived