Ebury Chief FX Strategist Roman Zilchuk said increased intervention by the Treasury may have a more lasting impact on the dollar than its effect on yields. Zilchuk said repo operations were not intended to resolve the deficit issue, but the market’s interpretation of why the Treasury used unconventional measures has become a source of risk premium. He said the dollar has remained weak despite rising yields, as investors increasingly view the move as a sign of fiscal and institutional stress rather than economic strength.