Investor demand and market resilience

How resilient is the U.S. Treasury market?

See who absorbed the rise in marketable Treasury supply and how inflation, foreign investor withdrawals, and quantitative tightening affect demand and yields.

Who holds what

Treasury ownership changed as the market expanded.

Compare nominal market-value holdings across investor sectors, summed over short-, intermediate-, and long-maturity Treasuries.

Aggregate Treasury holdings by investor sector, 2011Q4 to 2024Q4Quarterly stacked bars show nominal market values summed across short-, intermediate-, and long-maturity Treasury buckets. Select a sector in the legend to highlight it.$0bn$13.46tn$26.91tnU.S. banks, 2011Q4: $159bnU.S. ETFs, 2011Q4: $121bnU.S. money market funds, 2011Q4: $497bnU.S. mutual funds, 2011Q4: $391bnU.S. insurers and pensions, 2011Q4: $421bnForeign official, 2011Q4: $3.62tnForeign private, 2011Q4: $849bnFederal Reserve, 2011Q4: $1.90tnOther U.S. investors, 2011Q4: $2.04tnDealers and hedge funds, 2011Q4: $729bnU.S. banks, 2012Q1: $167bnU.S. ETFs, 2012Q1: $123bnU.S. money market funds, 2012Q1: $545bnU.S. mutual funds, 2012Q1: $420bnU.S. insurers and pensions, 2012Q1: $413bnForeign official, 2012Q1: $3.72tnForeign private, 2012Q1: $888bnFederal Reserve, 2012Q1: $1.88tnOther U.S. investors, 2012Q1: $2.12tnDealers and hedge funds, 2012Q1: $714bnU.S. banks, 2012Q2: $188bnU.S. ETFs, 2012Q2: $132bnU.S. money market funds, 2012Q2: $490bnU.S. mutual funds, 2012Q2: $448bnU.S. insurers and pensions, 2012Q2: $432bnForeign official, 2012Q2: $3.86tnForeign private, 2012Q2: $918bnFederal Reserve, 2012Q2: $1.95tnOther U.S. investors, 2012Q2: $2.19tnDealers and hedge funds, 2012Q2: $764bnU.S. banks, 2012Q3: $197bnU.S. ETFs, 2012Q3: $132bnU.S. money market funds, 2012Q3: $514bnU.S. mutual funds, 2012Q3: $453bnU.S. insurers and pensions, 2012Q3: $432bnForeign official, 2012Q3: $3.96tnForeign private, 2012Q3: $983bnFederal Reserve, 2012Q3: $1.96tnOther U.S. investors, 2012Q3: $2.28tnDealers and hedge funds, 2012Q3: $722bnU.S. banks, 2012Q4: $206bnU.S. ETFs, 2012Q4: $133bnU.S. money market funds, 2012Q4: $510bnU.S. mutual funds, 2012Q4: $488bnU.S. insurers and pensions, 2012Q4: $438bnForeign official, 2012Q4: $4.03tnForeign private, 2012Q4: $1.01tnFederal Reserve, 2012Q4: $1.95tnOther U.S. investors, 2012Q4: $2.37tnDealers and hedge funds, 2012Q4: $781bnU.S. banks, 2013Q1: $190bnU.S. ETFs, 2013Q1: $135bnU.S. money market funds, 2013Q1: $532bnU.S. mutual funds, 2013Q1: $521bnU.S. insurers and pensions, 2013Q1: $423bnForeign official, 2013Q1: $4.09tnForeign private, 2013Q1: $1.02tnFederal Reserve, 2013Q1: $2.08tnOther U.S. investors, 2013Q1: $2.31tnDealers and hedge funds, 2013Q1: $838bnU.S. banks, 2013Q2: $167bnU.S. ETFs, 2013Q2: $138bnU.S. money market funds, 2013Q2: $499bnU.S. mutual funds, 2013Q2: $508bnU.S. insurers and pensions, 2013Q2: $398bnForeign official, 2013Q2: $4.01tnForeign private, 2013Q2: $1.07tnFederal Reserve, 2013Q2: $2.12tnOther U.S. investors, 2013Q2: $2.14tnDealers and hedge funds, 2013Q2: $748bnU.S. banks, 2013Q3: $160bnU.S. ETFs, 2013Q3: $137bnU.S. money market funds, 2013Q3: $527bnU.S. mutual funds, 2013Q3: $480bnU.S. insurers and pensions, 2013Q3: $381bnForeign official, 2013Q3: $4.02tnForeign private, 2013Q3: $1.11tnFederal Reserve, 2013Q3: $2.24tnOther U.S. investors, 2013Q3: $2.20tnDealers and hedge funds, 2013Q3: $767bnU.S. banks, 2013Q4: $193bnU.S. ETFs, 2013Q4: $131bnU.S. money market funds, 2013Q4: $547bnU.S. mutual funds, 2013Q4: $483bnU.S. insurers and pensions, 2013Q4: $359bnForeign official, 2013Q4: $4.05tnForeign private, 2013Q4: $1.24tnFederal Reserve, 2013Q4: $2.33tnOther U.S. investors, 2013Q4: $2.05tnDealers and hedge funds, 2013Q4: $730bnU.S. banks, 2014Q1: $238bnU.S. ETFs, 2014Q1: $136bnU.S. money market funds, 2014Q1: $525bnU.S. mutual funds, 2014Q1: $478bnU.S. insurers and pensions, 2014Q1: $369bnForeign official, 2014Q1: $4.05tnForeign private, 2014Q1: $1.38tnFederal Reserve, 2014Q1: $2.47tnOther U.S. investors, 2014Q1: $2.07tnDealers and hedge funds, 2014Q1: $722bnU.S. banks, 2014Q2: $274bnU.S. ETFs, 2014Q2: $143bnU.S. money market funds, 2014Q2: $428bnU.S. mutual funds, 2014Q2: $450bnU.S. insurers and pensions, 2014Q2: $385bnForeign official, 2014Q2: $4.11tnForeign private, 2014Q2: $1.46tnFederal Reserve, 2014Q2: $2.59tnOther U.S. investors, 2014Q2: $1.92tnDealers and hedge funds, 2014Q2: $677bnU.S. banks, 2014Q3: $346bnU.S. ETFs, 2014Q3: $149bnU.S. money market funds, 2014Q3: $446bnU.S. mutual funds, 2014Q3: $468bnU.S. insurers and pensions, 2014Q3: $384bnForeign official, 2014Q3: $4.15tnForeign private, 2014Q3: $1.39tnFederal Reserve, 2014Q3: $2.64tnOther U.S. investors, 2014Q3: $1.88tnDealers and hedge funds, 2014Q3: $739bnU.S. banks, 2014Q4: $407bnU.S. ETFs, 2014Q4: $165bnU.S. money market funds, 2014Q4: $485bnU.S. mutual funds, 2014Q4: $501bnU.S. insurers and pensions, 2014Q4: $400bnForeign official, 2014Q4: $4.12tnForeign private, 2014Q4: $1.55tnFederal Reserve, 2014Q4: $2.72tnOther U.S. investors, 2014Q4: $1.88tnDealers and hedge funds, 2014Q4: $668bnU.S. banks, 2015Q1: $411bnU.S. ETFs, 2015Q1: $176bnU.S. money market funds, 2015Q1: $509bnU.S. mutual funds, 2015Q1: $535bnU.S. insurers and pensions, 2015Q1: $407bnForeign official, 2015Q1: $4.14tnForeign private, 2015Q1: $1.48tnFederal Reserve, 2015Q1: $2.76tnOther U.S. investors, 2015Q1: $1.94tnDealers and hedge funds, 2015Q1: $780bnU.S. banks, 2015Q2: $413bnU.S. ETFs, 2015Q2: $174bnU.S. money market funds, 2015Q2: $445bnU.S. mutual funds, 2015Q2: $509bnU.S. insurers and pensions, 2015Q2: $384bnForeign official, 2015Q2: $4.18tnForeign private, 2015Q2: $1.44tnFederal Reserve, 2015Q2: $2.66tnOther U.S. investors, 2015Q2: $1.93tnDealers and hedge funds, 2015Q2: $752bnU.S. banks, 2015Q3: $412bnU.S. ETFs, 2015Q3: $194bnU.S. money market funds, 2015Q3: $436bnU.S. mutual funds, 2015Q3: $504bnU.S. insurers and pensions, 2015Q3: $355bnForeign official, 2015Q3: $4.15tnForeign private, 2015Q3: $1.40tnFederal Reserve, 2015Q3: $2.70tnOther U.S. investors, 2015Q3: $2.17tnDealers and hedge funds, 2015Q3: $789bnU.S. banks, 2015Q4: $423bnU.S. ETFs, 2015Q4: $193bnU.S. money market funds, 2015Q4: $530bnU.S. mutual funds, 2015Q4: $523bnU.S. insurers and pensions, 2015Q4: $379bnForeign official, 2015Q4: $4.09tnForeign private, 2015Q4: $1.52tnFederal Reserve, 2015Q4: $2.66tnOther U.S. investors, 2015Q4: $2.18tnDealers and hedge funds, 2015Q4: $747bnU.S. banks, 2016Q1: $423bnU.S. ETFs, 2016Q1: $215bnU.S. money market funds, 2016Q1: $606bnU.S. mutual funds, 2016Q1: $546bnU.S. insurers and pensions, 2016Q1: $405bnForeign official, 2016Q1: $4.07tnForeign private, 2016Q1: $1.64tnFederal Reserve, 2016Q1: $2.71tnOther U.S. investors, 2016Q1: $2.36tnDealers and hedge funds, 2016Q1: $824bnU.S. banks, 2016Q2: $438bnU.S. ETFs, 2016Q2: $225bnU.S. money market funds, 2016Q2: $556bnU.S. mutual funds, 2016Q2: $578bnU.S. insurers and pensions, 2016Q2: $405bnForeign official, 2016Q2: $4.03tnForeign private, 2016Q2: $1.58tnFederal Reserve, 2016Q2: $2.77tnOther U.S. investors, 2016Q2: $2.41tnDealers and hedge funds, 2016Q2: $956bnU.S. banks, 2016Q3: $475bnU.S. ETFs, 2016Q3: $230bnU.S. money market funds, 2016Q3: $709bnU.S. mutual funds, 2016Q3: $607bnU.S. insurers and pensions, 2016Q3: $427bnForeign official, 2016Q3: $3.90tnForeign private, 2016Q3: $1.59tnFederal Reserve, 2016Q3: $2.75tnOther U.S. investors, 2016Q3: $2.45tnDealers and hedge funds, 2016Q3: $967bnU.S. banks, 2016Q4: $520bnU.S. ETFs, 2016Q4: $228bnU.S. money market funds, 2016Q4: $851bnU.S. mutual funds, 2016Q4: $591bnU.S. insurers and pensions, 2016Q4: $441bnForeign official, 2016Q4: $3.81tnForeign private, 2016Q4: $1.60tnFederal Reserve, 2016Q4: $2.60tnOther U.S. investors, 2016Q4: $2.25tnDealers and hedge funds, 2016Q4: $867bnU.S. banks, 2017Q1: $514bnU.S. ETFs, 2017Q1: $243bnU.S. money market funds, 2017Q1: $787bnU.S. mutual funds, 2017Q1: $608bnU.S. insurers and pensions, 2017Q1: $386bnForeign official, 2017Q1: $3.88tnForeign private, 2017Q1: $1.58tnFederal Reserve, 2017Q1: $2.60tnOther U.S. investors, 2017Q1: $2.43tnDealers and hedge funds, 2017Q1: $890bnU.S. banks, 2017Q2: $465bnU.S. ETFs, 2017Q2: $257bnU.S. money market funds, 2017Q2: $662bnU.S. mutual funds, 2017Q2: $645bnU.S. insurers and pensions, 2017Q2: $408bnForeign official, 2017Q2: $3.99tnForeign private, 2017Q2: $1.57tnFederal Reserve, 2017Q2: $2.61tnOther U.S. investors, 2017Q2: $2.52tnDealers and hedge funds, 2017Q2: $864bnU.S. banks, 2017Q3: $473bnU.S. ETFs, 2017Q3: $271bnU.S. money market funds, 2017Q3: $695bnU.S. mutual funds, 2017Q3: $673bnU.S. insurers and pensions, 2017Q3: $435bnForeign official, 2017Q3: $4.07tnForeign private, 2017Q3: $1.63tnFederal Reserve, 2017Q3: $2.61tnOther U.S. investors, 2017Q3: $2.35tnDealers and hedge funds, 2017Q3: $876bnU.S. banks, 2017Q4: $477bnU.S. ETFs, 2017Q4: $281bnU.S. money market funds, 2017Q4: $756bnU.S. mutual funds, 2017Q4: $708bnU.S. insurers and pensions, 2017Q4: $455bnForeign official, 2017Q4: $4.02tnForeign private, 2017Q4: $1.61tnFederal Reserve, 2017Q4: $2.58tnOther U.S. investors, 2017Q4: $2.55tnDealers and hedge funds, 2017Q4: $879bnU.S. banks, 2018Q1: $480bnU.S. ETFs, 2018Q1: $292bnU.S. money market funds, 2018Q1: $951bnU.S. mutual funds, 2018Q1: $693bnU.S. insurers and pensions, 2018Q1: $445bnForeign official, 2018Q1: $4.05tnForeign private, 2018Q1: $1.62tnFederal Reserve, 2018Q1: $2.52tnOther U.S. investors, 2018Q1: $2.72tnDealers and hedge funds, 2018Q1: $822bnU.S. banks, 2018Q2: $485bnU.S. ETFs, 2018Q2: $308bnU.S. money market funds, 2018Q2: $788bnU.S. mutual funds, 2018Q2: $699bnU.S. insurers and pensions, 2018Q2: $455bnForeign official, 2018Q2: $3.99tnForeign private, 2018Q2: $1.55tnFederal Reserve, 2018Q2: $2.45tnOther U.S. investors, 2018Q2: $2.79tnDealers and hedge funds, 2018Q2: $1.03tnU.S. banks, 2018Q3: $492bnU.S. ETFs, 2018Q3: $316bnU.S. money market funds, 2018Q3: $826bnU.S. mutual funds, 2018Q3: $694bnU.S. insurers and pensions, 2018Q3: $448bnForeign official, 2018Q3: $4.01tnForeign private, 2018Q3: $1.47tnFederal Reserve, 2018Q3: $2.35tnOther U.S. investors, 2018Q3: $3.00tnDealers and hedge funds, 2018Q3: $1.08tnU.S. banks, 2018Q4: $548bnU.S. ETFs, 2018Q4: $347bnU.S. money market funds, 2018Q4: $945bnU.S. mutual funds, 2018Q4: $672bnU.S. insurers and pensions, 2018Q4: $462bnForeign official, 2018Q4: $3.96tnForeign private, 2018Q4: $1.45tnFederal Reserve, 2018Q4: $2.29tnOther U.S. investors, 2018Q4: $3.31tnDealers and hedge funds, 2018Q4: $1.31tnU.S. banks, 2019Q1: $538bnU.S. ETFs, 2019Q1: $362bnU.S. money market funds, 2019Q1: $1.01tnU.S. mutual funds, 2019Q1: $714bnU.S. insurers and pensions, 2019Q1: $397bnForeign official, 2019Q1: $4.08tnForeign private, 2019Q1: $1.41tnFederal Reserve, 2019Q1: $2.27tnOther U.S. investors, 2019Q1: $3.52tnDealers and hedge funds, 2019Q1: $1.43tnU.S. banks, 2019Q2: $551bnU.S. ETFs, 2019Q2: $394bnU.S. money market funds, 2019Q2: $829bnU.S. mutual funds, 2019Q2: $764bnU.S. insurers and pensions, 2019Q2: $428bnForeign official, 2019Q2: $4.15tnForeign private, 2019Q2: $1.36tnFederal Reserve, 2019Q2: $2.27tnOther U.S. investors, 2019Q2: $3.72tnDealers and hedge funds, 2019Q2: $1.61tnU.S. banks, 2019Q3: $625bnU.S. ETFs, 2019Q3: $413bnU.S. money market funds, 2019Q3: $1.05tnU.S. mutual funds, 2019Q3: $810bnU.S. insurers and pensions, 2019Q3: $461bnForeign official, 2019Q3: $4.15tnForeign private, 2019Q3: $1.73tnFederal Reserve, 2019Q3: $2.31tnOther U.S. investors, 2019Q3: $3.68tnDealers and hedge funds, 2019Q3: $1.50tnU.S. banks, 2019Q4: $634bnU.S. ETFs, 2019Q4: $423bnU.S. money market funds, 2019Q4: $1.12tnU.S. mutual funds, 2019Q4: $837bnU.S. insurers and pensions, 2019Q4: $453bnForeign official, 2019Q4: $4.08tnForeign private, 2019Q4: $1.77tnFederal Reserve, 2019Q4: $2.49tnOther U.S. investors, 2019Q4: $3.62tnDealers and hedge funds, 2019Q4: $1.43tnU.S. banks, 2020Q1: $663bnU.S. ETFs, 2020Q1: $458bnU.S. money market funds, 2020Q1: $1.36tnU.S. mutual funds, 2020Q1: $777bnU.S. insurers and pensions, 2020Q1: $542bnForeign official, 2020Q1: $4.12tnForeign private, 2020Q1: $1.83tnFederal Reserve, 2020Q1: $3.38tnOther U.S. investors, 2020Q1: $3.78tnDealers and hedge funds, 2020Q1: $1.42tnU.S. banks, 2020Q2: $836bnU.S. ETFs, 2020Q2: $470bnU.S. money market funds, 2020Q2: $2.56tnU.S. mutual funds, 2020Q2: $793bnU.S. insurers and pensions, 2020Q2: $572bnForeign official, 2020Q2: $4.15tnForeign private, 2020Q2: $2.10tnFederal Reserve, 2020Q2: $4.70tnOther U.S. investors, 2020Q2: $3.62tnDealers and hedge funds, 2020Q2: $1.26tnU.S. banks, 2020Q3: $946bnU.S. ETFs, 2020Q3: $490bnU.S. money market funds, 2020Q3: $2.49tnU.S. mutual funds, 2020Q3: $888bnU.S. insurers and pensions, 2020Q3: $601bnForeign official, 2020Q3: $4.20tnForeign private, 2020Q3: $2.04tnFederal Reserve, 2020Q3: $4.99tnOther U.S. investors, 2020Q3: $3.61tnDealers and hedge funds, 2020Q3: $1.25tnU.S. banks, 2020Q4: $971bnU.S. ETFs, 2020Q4: $494bnU.S. money market funds, 2020Q4: $2.47tnU.S. mutual funds, 2020Q4: $962bnU.S. insurers and pensions, 2020Q4: $562bnForeign official, 2020Q4: $4.19tnForeign private, 2020Q4: $2.12tnFederal Reserve, 2020Q4: $5.12tnOther U.S. investors, 2020Q4: $3.88tnDealers and hedge funds, 2020Q4: $1.14tnU.S. banks, 2021Q1: $1.07tnU.S. ETFs, 2021Q1: $500bnU.S. money market funds, 2021Q1: $2.58tnU.S. mutual funds, 2021Q1: $1.03tnU.S. insurers and pensions, 2021Q1: $436bnForeign official, 2021Q1: $4.20tnForeign private, 2021Q1: $2.16tnFederal Reserve, 2021Q1: $5.20tnOther U.S. investors, 2021Q1: $3.44tnDealers and hedge funds, 2021Q1: $956bnU.S. banks, 2021Q2: $1.17tnU.S. ETFs, 2021Q2: $534bnU.S. money market funds, 2021Q2: $2.29tnU.S. mutual funds, 2021Q2: $1.14tnU.S. insurers and pensions, 2021Q2: $492bnForeign official, 2021Q2: $4.22tnForeign private, 2021Q2: $2.58tnFederal Reserve, 2021Q2: $5.50tnOther U.S. investors, 2021Q2: $3.16tnDealers and hedge funds, 2021Q2: $1.02tnU.S. banks, 2021Q3: $1.34tnU.S. ETFs, 2021Q3: $565bnU.S. money market funds, 2021Q3: $1.69tnU.S. mutual funds, 2021Q3: $1.19tnU.S. insurers and pensions, 2021Q3: $496bnForeign official, 2021Q3: $4.21tnForeign private, 2021Q3: $2.55tnFederal Reserve, 2021Q3: $5.70tnOther U.S. investors, 2021Q3: $3.37tnDealers and hedge funds, 2021Q3: $1.09tnU.S. banks, 2021Q4: $1.32tnU.S. ETFs, 2021Q4: $595bnU.S. money market funds, 2021Q4: $1.81tnU.S. mutual funds, 2021Q4: $1.24tnU.S. insurers and pensions, 2021Q4: $486bnForeign official, 2021Q4: $4.12tnForeign private, 2021Q4: $2.83tnFederal Reserve, 2021Q4: $5.89tnOther U.S. investors, 2021Q4: $3.47tnDealers and hedge funds, 2021Q4: $1.06tnU.S. banks, 2022Q1: $1.32tnU.S. ETFs, 2022Q1: $590bnU.S. money market funds, 2022Q1: $1.76tnU.S. mutual funds, 2022Q1: $1.17tnU.S. insurers and pensions, 2022Q1: $448bnForeign official, 2022Q1: $4.03tnForeign private, 2022Q1: $2.70tnFederal Reserve, 2022Q1: $5.68tnOther U.S. investors, 2022Q1: $3.64tnDealers and hedge funds, 2022Q1: $1.18tnU.S. banks, 2022Q2: $1.23tnU.S. ETFs, 2022Q2: $600bnU.S. money market funds, 2022Q2: $1.46tnU.S. mutual funds, 2022Q2: $1.07tnU.S. insurers and pensions, 2022Q2: $439bnForeign official, 2022Q2: $3.86tnForeign private, 2022Q2: $2.62tnFederal Reserve, 2022Q2: $5.40tnOther U.S. investors, 2022Q2: $3.75tnDealers and hedge funds, 2022Q2: $1.24tnU.S. banks, 2022Q3: $1.21tnU.S. ETFs, 2022Q3: $611bnU.S. money market funds, 2022Q3: $1.26tnU.S. mutual funds, 2022Q3: $1.00tnU.S. insurers and pensions, 2022Q3: $429bnForeign official, 2022Q3: $3.71tnForeign private, 2022Q3: $2.64tnFederal Reserve, 2022Q3: $5.05tnOther U.S. investors, 2022Q3: $4.04tnDealers and hedge funds, 2022Q3: $1.21tnU.S. banks, 2022Q4: $1.13tnU.S. ETFs, 2022Q4: $628bnU.S. money market funds, 2022Q4: $1.06tnU.S. mutual funds, 2022Q4: $1.01tnU.S. insurers and pensions, 2022Q4: $438bnForeign official, 2022Q4: $3.67tnForeign private, 2022Q4: $2.61tnFederal Reserve, 2022Q4: $4.92tnOther U.S. investors, 2022Q4: $4.63tnDealers and hedge funds, 2022Q4: $1.24tnU.S. banks, 2023Q1: $1.04tnU.S. ETFs, 2023Q1: $690bnU.S. money market funds, 2023Q1: $1.04tnU.S. mutual funds, 2023Q1: $1.08tnU.S. insurers and pensions, 2023Q1: $411bnForeign official, 2023Q1: $3.77tnForeign private, 2023Q1: $2.69tnFederal Reserve, 2023Q1: $4.83tnOther U.S. investors, 2023Q1: $5.37tnDealers and hedge funds, 2023Q1: $1.43tnU.S. banks, 2023Q2: $1.04tnU.S. ETFs, 2023Q2: $694bnU.S. money market funds, 2023Q2: $1.24tnU.S. mutual funds, 2023Q2: $1.06tnU.S. insurers and pensions, 2023Q2: $416bnForeign official, 2023Q2: $3.77tnForeign private, 2023Q2: $2.58tnFederal Reserve, 2023Q2: $4.56tnOther U.S. investors, 2023Q2: $5.47tnDealers and hedge funds, 2023Q2: $1.66tnU.S. banks, 2023Q3: $1.12tnU.S. ETFs, 2023Q3: $694bnU.S. money market funds, 2023Q3: $1.77tnU.S. mutual funds, 2023Q3: $1.05tnU.S. insurers and pensions, 2023Q3: $421bnForeign official, 2023Q3: $3.69tnForeign private, 2023Q3: $2.40tnFederal Reserve, 2023Q3: $4.25tnOther U.S. investors, 2023Q3: $5.42tnDealers and hedge funds, 2023Q3: $1.86tnU.S. banks, 2023Q4: $1.21tnU.S. ETFs, 2023Q4: $737bnU.S. money market funds, 2023Q4: $2.27tnU.S. mutual funds, 2023Q4: $1.10tnU.S. insurers and pensions, 2023Q4: $468bnForeign official, 2023Q4: $3.80tnForeign private, 2023Q4: $2.58tnFederal Reserve, 2023Q4: $4.28tnOther U.S. investors, 2023Q4: $5.61tnDealers and hedge funds, 2023Q4: $2.01tnU.S. banks, 2024Q1: $1.21tnU.S. ETFs, 2024Q1: $751bnU.S. money market funds, 2024Q1: $2.56tnU.S. mutual funds, 2024Q1: $1.13tnU.S. insurers and pensions, 2024Q1: $429bnForeign official, 2024Q1: $3.82tnForeign private, 2024Q1: $2.78tnFederal Reserve, 2024Q1: $4.06tnOther U.S. investors, 2024Q1: $5.68tnDealers and hedge funds, 2024Q1: $2.01tnU.S. banks, 2024Q2: $1.26tnU.S. ETFs, 2024Q2: $774bnU.S. money market funds, 2024Q2: $2.45tnU.S. mutual funds, 2024Q2: $1.13tnU.S. insurers and pensions, 2024Q2: $436bnForeign official, 2024Q2: $3.83tnForeign private, 2024Q2: $2.88tnFederal Reserve, 2024Q2: $3.84tnOther U.S. investors, 2024Q2: $5.68tnDealers and hedge funds, 2024Q2: $2.12tnU.S. banks, 2024Q3: $1.33tnU.S. ETFs, 2024Q3: $846bnU.S. money market funds, 2024Q3: $2.66tnU.S. mutual funds, 2024Q3: $1.22tnU.S. insurers and pensions, 2024Q3: $471bnForeign official, 2024Q3: $3.91tnForeign private, 2024Q3: $2.98tnFederal Reserve, 2024Q3: $3.93tnOther U.S. investors, 2024Q3: $6.08tnDealers and hedge funds, 2024Q3: $2.45tnU.S. banks, 2024Q4: $1.32tnU.S. ETFs, 2024Q4: $832bnU.S. money market funds, 2024Q4: $2.99tnU.S. mutual funds, 2024Q4: $1.22tnU.S. insurers and pensions, 2024Q4: $482bnForeign official, 2024Q4: $3.78tnForeign private, 2024Q4: $2.91tnFederal Reserve, 2024Q4: $3.70tnOther U.S. investors, 2024Q4: $5.87tnDealers and hedge funds, 2024Q4: $2.60tn2011Q42015Q42019Q42024Q4
Treasury marketAll investor sectors
2011Q4$10.73tn
2024Q4$25.71tn
Change+$14.98tn

Foreign investors

Treasury holdings span 83 reported locations.

The map shows average holdings for every separately reported country and jurisdiction. The standardized withdrawal counterfactual is available for 34 sufficiently large locations.

Average quarterly holdingsAll 83 separately reported locations

Canada: $137bn average holdingsKazakhstan: $19bn average holdingsIndonesia: $23bn average holdingsArgentina: $4bn average holdingsChile: $31bn average holdingsKenya: $1bn average holdingsHaiti: $0bn average holdingsDominican Republic: $2bn average holdingsRussia: $58bn average holdingsBahamas: $17bn average holdingsNorway: $89bn average holdingsSouth Africa: $15bn average holdingsMexico: $58bn average holdingsUruguay: $11bn average holdingsBrazil: $255bn average holdingsBolivia: $0bn average holdingsPeru: $21bn average holdingsColombia: $33bn average holdingsPanama: $3bn average holdingsCosta Rica: $2bn average holdingsHonduras: $2bn average holdingsEl Salvador: $1bn average holdingsGuatemala: $5bn average holdingsBelize: $0bn average holdingsVenezuela: $1bn average holdingsFrance: $127bn average holdingsEcuador: $1bn average holdingsJamaica: $1bn average holdingsLiberia: $0bn average holdingsIsrael: $39bn average holdingsAlgeria: $1bn average holdingsUnited Arab Emirates: $55bn average holdingsKuwait: $38bn average holdingsIraq: $34bn average holdingsOman: $14bn average holdingsThailand: $61bn average holdingsSouth Korea: $94bn average holdingsIndia: $148bn average holdingsPakistan: $2bn average holdingsSweden: $41bn average holdingsUkraine: $5bn average holdingsPoland: $30bn average holdingsAustria: $5bn average holdingsHungary: $1bn average holdingsRomania: $5bn average holdingsGermany: $78bn average holdingsGreece: $3bn average holdingsTurkey: $32bn average holdingsSwitzerland: $237bn average holdingsLuxembourg: $121bn average holdingsBelgium: $112bn average holdingsNetherlands: $53bn average holdingsPortugal: $4bn average holdingsSpain: $36bn average holdingsIreland: $253bn average holdingsNew Zealand: $6bn average holdingsAustralia: $42bn average holdingsChina: $1.09tn average holdingsTaiwan: $204bn average holdingsItaly: $38bn average holdingsDenmark: $16bn average holdingsUnited Kingdom: $288bn average holdingsPhilippines: $42bn average holdingsMalaysia: $13bn average holdingsFinland: $6bn average holdingsCzech Republic: $6bn average holdingsJapan: $1.15tn average holdingsParaguay: $2bn average holdingsSaudi Arabia: $121bn average holdingsCyprus: $0bn average holdingsMorocco: $3bn average holdingsEgypt: $4bn average holdingsTrinidad and Tobago: $4bn average holdingsBermuda: $73bn average holdingsCayman Islands: $233bn average holdingsHong Kong: $195bn average holdingsSingapore: $139bn average holdingsBritish Virgin Islands: $40bn average holdingsBarbados: $3bn average holdingsNetherlands Antilles: $2bn average holdingsBahrain: $1bn average holdingsMonaco: $0bn average holdingsAruba: $0bn average holdings
TIC reporting reflects residence and custody, which may differ from the ultimate owner’s nationality.