Geoff Kendrick told clients to position for $100,000 by the end of 2026, arguing the recent drawdown likely set the floor for what he called the shallowest four-year cycle to date. The Treasury buyback expansion runs September 9 through November 4 and targets 10-to-20-year and 20-to-30-year nominal coupon securities. Worth noting alongside the call: the bank cut this same target from $150,000 in February, its second downward revision in three months, and has missed its year-end Bitcoin forecast three years running.