Treasury investors

Who holds what, and how do they respond?

Banks, funds, foreign investors, the Fed, dealers, and hedge funds hold different maturities and respond to different incentives.

Headline finding

How Treasury holdings shifted across investors and maturities.

The holdings data show both market growth and changes in who holds Treasuries at each maturity. Select a maturity, measure, sector, and quarter to inspect those changes.

Select a sector to trace it through time. Move the quarter control to inspect the composition at any date.

Short Treasury holdings by sector, 2011Q4 to 2024Q4Quarterly stacked bars show nominal market values. Negative dealer and hedge-fund positions appear below zero.$-360bn$0bn$4.50tn$9.01tnU.S. banks, 2011Q4: $52bnU.S. ETFs, 2011Q4: $6bnU.S. money market funds, 2011Q4: $497bnU.S. mutual funds, 2011Q4: $24bnU.S. insurers and pensions, 2011Q4: $27bnForeign official, 2011Q4: $607bnForeign private, 2011Q4: $400bnFederal Reserve, 2011Q4: $121bnOther U.S. investors, 2011Q4: $801bnDealers and hedge funds, 2011Q4: $128bnU.S. banks, 2012Q1: $57bnU.S. ETFs, 2012Q1: $6bnU.S. money market funds, 2012Q1: $545bnU.S. mutual funds, 2012Q1: $24bnU.S. insurers and pensions, 2012Q1: $27bnForeign official, 2012Q1: $609bnForeign private, 2012Q1: $255bnFederal Reserve, 2012Q1: $90bnOther U.S. investors, 2012Q1: $904bnDealers and hedge funds, 2012Q1: $285bnU.S. banks, 2012Q2: $66bnU.S. ETFs, 2012Q2: $8bnU.S. money market funds, 2012Q2: $490bnU.S. mutual funds, 2012Q2: $23bnU.S. insurers and pensions, 2012Q2: $27bnForeign official, 2012Q2: $619bnForeign private, 2012Q2: $345bnFederal Reserve, 2012Q2: $48bnOther U.S. investors, 2012Q2: $972bnDealers and hedge funds, 2012Q2: $152bnU.S. banks, 2012Q3: $66bnU.S. ETFs, 2012Q3: $8bnU.S. money market funds, 2012Q3: $514bnU.S. mutual funds, 2012Q3: $25bnU.S. insurers and pensions, 2012Q3: $32bnForeign official, 2012Q3: $652bnForeign private, 2012Q3: $410bnFederal Reserve, 2012Q3: $1bnOther U.S. investors, 2012Q3: $947bnDealers and hedge funds, 2012Q3: $132bnU.S. banks, 2012Q4: $68bnU.S. ETFs, 2012Q4: $6bnU.S. money market funds, 2012Q4: $510bnU.S. mutual funds, 2012Q4: $25bnU.S. insurers and pensions, 2012Q4: $28bnForeign official, 2012Q4: $633bnForeign private, 2012Q4: $339bnFederal Reserve, 2012Q4: $0bnOther U.S. investors, 2012Q4: $980bnDealers and hedge funds, 2012Q4: $228bnU.S. banks, 2013Q1: $62bnU.S. ETFs, 2013Q1: $7bnU.S. money market funds, 2013Q1: $532bnU.S. mutual funds, 2013Q1: $28bnU.S. insurers and pensions, 2013Q1: $35bnForeign official, 2013Q1: $687bnForeign private, 2013Q1: $346bnFederal Reserve, 2013Q1: $0bnOther U.S. investors, 2013Q1: $1.06tnDealers and hedge funds, 2013Q1: $271bnU.S. banks, 2013Q2: $57bnU.S. ETFs, 2013Q2: $9bnU.S. money market funds, 2013Q2: $499bnU.S. mutual funds, 2013Q2: $34bnU.S. insurers and pensions, 2013Q2: $31bnForeign official, 2013Q2: $616bnForeign private, 2013Q2: $345bnFederal Reserve, 2013Q2: $0bnOther U.S. investors, 2013Q2: $966bnDealers and hedge funds, 2013Q2: $273bnU.S. banks, 2013Q3: $55bnU.S. ETFs, 2013Q3: $9bnU.S. money market funds, 2013Q3: $527bnU.S. mutual funds, 2013Q3: $35bnU.S. insurers and pensions, 2013Q3: $29bnForeign official, 2013Q3: $630bnForeign private, 2013Q3: $355bnFederal Reserve, 2013Q3: $0bnOther U.S. investors, 2013Q3: $1.02tnDealers and hedge funds, 2013Q3: $162bnU.S. banks, 2013Q4: $66bnU.S. ETFs, 2013Q4: $8bnU.S. money market funds, 2013Q4: $547bnU.S. mutual funds, 2013Q4: $28bnU.S. insurers and pensions, 2013Q4: $21bnForeign official, 2013Q4: $677bnForeign private, 2013Q4: $165bnFederal Reserve, 2013Q4: $1bnOther U.S. investors, 2013Q4: $927bnDealers and hedge funds, 2013Q4: $471bnU.S. banks, 2014Q1: $78bnU.S. ETFs, 2014Q1: $7bnU.S. money market funds, 2014Q1: $525bnU.S. mutual funds, 2014Q1: $26bnU.S. insurers and pensions, 2014Q1: $26bnForeign official, 2014Q1: $652bnForeign private, 2014Q1: $160bnFederal Reserve, 2014Q1: $0bnOther U.S. investors, 2014Q1: $1.04tnDealers and hedge funds, 2014Q1: $507bnU.S. banks, 2014Q2: $84bnU.S. ETFs, 2014Q2: $8bnU.S. money market funds, 2014Q2: $428bnU.S. mutual funds, 2014Q2: $31bnU.S. insurers and pensions, 2014Q2: $24bnForeign official, 2014Q2: $580bnForeign private, 2014Q2: $366bnFederal Reserve, 2014Q2: $2bnOther U.S. investors, 2014Q2: $1.07tnDealers and hedge funds, 2014Q2: $182bnU.S. banks, 2014Q3: $102bnU.S. ETFs, 2014Q3: $8bnU.S. money market funds, 2014Q3: $446bnU.S. mutual funds, 2014Q3: $29bnU.S. insurers and pensions, 2014Q3: $25bnForeign official, 2014Q3: $553bnForeign private, 2014Q3: $160bnFederal Reserve, 2014Q3: $3bnOther U.S. investors, 2014Q3: $1.03tnDealers and hedge funds, 2014Q3: $462bnU.S. banks, 2014Q4: $113bnU.S. ETFs, 2014Q4: $7bnU.S. money market funds, 2014Q4: $485bnU.S. mutual funds, 2014Q4: $31bnU.S. insurers and pensions, 2014Q4: $20bnForeign official, 2014Q4: $570bnForeign private, 2014Q4: $301bnFederal Reserve, 2014Q4: $4bnOther U.S. investors, 2014Q4: $907bnDealers and hedge funds, 2014Q4: $373bnU.S. banks, 2015Q1: $112bnU.S. ETFs, 2015Q1: $9bnU.S. money market funds, 2015Q1: $509bnU.S. mutual funds, 2015Q1: $33bnU.S. insurers and pensions, 2015Q1: $26bnForeign official, 2015Q1: $619bnForeign private, 2015Q1: $238bnFederal Reserve, 2015Q1: $43bnOther U.S. investors, 2015Q1: $757bnDealers and hedge funds, 2015Q1: $473bnU.S. banks, 2015Q2: $110bnU.S. ETFs, 2015Q2: $9bnU.S. money market funds, 2015Q2: $445bnU.S. mutual funds, 2015Q2: $34bnU.S. insurers and pensions, 2015Q2: $23bnForeign official, 2015Q2: $626bnForeign private, 2015Q2: $240bnFederal Reserve, 2015Q2: $134bnOther U.S. investors, 2015Q2: $739bnDealers and hedge funds, 2015Q2: $454bnU.S. banks, 2015Q3: $110bnU.S. ETFs, 2015Q3: $12bnU.S. money market funds, 2015Q3: $436bnU.S. mutual funds, 2015Q3: $25bnU.S. insurers and pensions, 2015Q3: $20bnForeign official, 2015Q3: $558bnForeign private, 2015Q3: $537bnFederal Reserve, 2015Q3: $169bnOther U.S. investors, 2015Q3: $917bnDealers and hedge funds, 2015Q3: $56bnU.S. banks, 2015Q4: $115bnU.S. ETFs, 2015Q4: $10bnU.S. money market funds, 2015Q4: $530bnU.S. mutual funds, 2015Q4: $24bnU.S. insurers and pensions, 2015Q4: $21bnForeign official, 2015Q4: $572bnForeign private, 2015Q4: $669bnFederal Reserve, 2015Q4: $206bnOther U.S. investors, 2015Q4: $956bnDealers and hedge funds, 2015Q4: $-13bnU.S. banks, 2016Q1: $114bnU.S. ETFs, 2016Q1: $10bnU.S. money market funds, 2016Q1: $606bnU.S. mutual funds, 2016Q1: $27bnU.S. insurers and pensions, 2016Q1: $22bnForeign official, 2016Q1: $515bnForeign private, 2016Q1: $639bnFederal Reserve, 2016Q1: $186bnOther U.S. investors, 2016Q1: $953bnDealers and hedge funds, 2016Q1: $117bnU.S. banks, 2016Q2: $120bnU.S. ETFs, 2016Q2: $11bnU.S. money market funds, 2016Q2: $556bnU.S. mutual funds, 2016Q2: $33bnU.S. insurers and pensions, 2016Q2: $2bnForeign official, 2016Q2: $463bnForeign private, 2016Q2: $586bnFederal Reserve, 2016Q2: $166bnOther U.S. investors, 2016Q2: $985bnDealers and hedge funds, 2016Q2: $173bnU.S. banks, 2016Q3: $128bnU.S. ETFs, 2016Q3: $11bnU.S. money market funds, 2016Q3: $709bnU.S. mutual funds, 2016Q3: $33bnU.S. insurers and pensions, 2016Q3: $10bnForeign official, 2016Q3: $497bnForeign private, 2016Q3: $621bnFederal Reserve, 2016Q3: $184bnOther U.S. investors, 2016Q3: $926bnDealers and hedge funds, 2016Q3: $102bnU.S. banks, 2016Q4: $138bnU.S. ETFs, 2016Q4: $10bnU.S. money market funds, 2016Q4: $851bnU.S. mutual funds, 2016Q4: $26bnU.S. insurers and pensions, 2016Q4: $37bnForeign official, 2016Q4: $506bnForeign private, 2016Q4: $518bnFederal Reserve, 2016Q4: $180bnOther U.S. investors, 2016Q4: $914bnDealers and hedge funds, 2016Q4: $165bnU.S. banks, 2017Q1: $135bnU.S. ETFs, 2017Q1: $12bnU.S. money market funds, 2017Q1: $787bnU.S. mutual funds, 2017Q1: $27bnU.S. insurers and pensions, 2017Q1: $13bnForeign official, 2017Q1: $540bnForeign private, 2017Q1: $488bnFederal Reserve, 2017Q1: $231bnOther U.S. investors, 2017Q1: $869bnDealers and hedge funds, 2017Q1: $158bnU.S. banks, 2017Q2: $125bnU.S. ETFs, 2017Q2: $13bnU.S. money market funds, 2017Q2: $662bnU.S. mutual funds, 2017Q2: $38bnU.S. insurers and pensions, 2017Q2: $22bnForeign official, 2017Q2: $561bnForeign private, 2017Q2: $480bnFederal Reserve, 2017Q2: $288bnOther U.S. investors, 2017Q2: $902bnDealers and hedge funds, 2017Q2: $153bnU.S. banks, 2017Q3: $127bnU.S. ETFs, 2017Q3: $14bnU.S. money market funds, 2017Q3: $695bnU.S. mutual funds, 2017Q3: $41bnU.S. insurers and pensions, 2017Q3: $34bnForeign official, 2017Q3: $553bnForeign private, 2017Q3: $523bnFederal Reserve, 2017Q3: $357bnOther U.S. investors, 2017Q3: $860bnDealers and hedge funds, 2017Q3: $121bnU.S. banks, 2017Q4: $128bnU.S. ETFs, 2017Q4: $15bnU.S. money market funds, 2017Q4: $756bnU.S. mutual funds, 2017Q4: $42bnU.S. insurers and pensions, 2017Q4: $37bnForeign official, 2017Q4: $539bnForeign private, 2017Q4: $590bnFederal Reserve, 2017Q4: $406bnOther U.S. investors, 2017Q4: $899bnDealers and hedge funds, 2017Q4: $100bnU.S. banks, 2018Q1: $133bnU.S. ETFs, 2018Q1: $21bnU.S. money market funds, 2018Q1: $951bnU.S. mutual funds, 2018Q1: $42bnU.S. insurers and pensions, 2018Q1: $30bnForeign official, 2018Q1: $542bnForeign private, 2018Q1: $636bnFederal Reserve, 2018Q1: $410bnOther U.S. investors, 2018Q1: $1.03tnDealers and hedge funds, 2018Q1: $62bnU.S. banks, 2018Q2: $140bnU.S. ETFs, 2018Q2: $27bnU.S. money market funds, 2018Q2: $788bnU.S. mutual funds, 2018Q2: $40bnU.S. insurers and pensions, 2018Q2: $36bnForeign official, 2018Q2: $572bnForeign private, 2018Q2: $597bnFederal Reserve, 2018Q2: $402bnOther U.S. investors, 2018Q2: $978bnDealers and hedge funds, 2018Q2: $163bnU.S. banks, 2018Q3: $147bnU.S. ETFs, 2018Q3: $29bnU.S. money market funds, 2018Q3: $826bnU.S. mutual funds, 2018Q3: $39bnU.S. insurers and pensions, 2018Q3: $38bnForeign official, 2018Q3: $538bnForeign private, 2018Q3: $567bnFederal Reserve, 2018Q3: $409bnOther U.S. investors, 2018Q3: $1.12tnDealers and hedge funds, 2018Q3: $161bnU.S. banks, 2018Q4: $175bnU.S. ETFs, 2018Q4: $38bnU.S. money market funds, 2018Q4: $945bnU.S. mutual funds, 2018Q4: $38bnU.S. insurers and pensions, 2018Q4: $44bnForeign official, 2018Q4: $536bnForeign private, 2018Q4: $677bnFederal Reserve, 2018Q4: $366bnOther U.S. investors, 2018Q4: $1.07tnDealers and hedge funds, 2018Q4: $86bnU.S. banks, 2019Q1: $169bnU.S. ETFs, 2019Q1: $37bnU.S. money market funds, 2019Q1: $1.01tnU.S. mutual funds, 2019Q1: $42bnU.S. insurers and pensions, 2019Q1: $21bnForeign official, 2019Q1: $541bnForeign private, 2019Q1: $624bnFederal Reserve, 2019Q1: $351bnOther U.S. investors, 2019Q1: $1.15tnDealers and hedge funds, 2019Q1: $196bnU.S. banks, 2019Q2: $169bnU.S. ETFs, 2019Q2: $46bnU.S. money market funds, 2019Q2: $829bnU.S. mutual funds, 2019Q2: $51bnU.S. insurers and pensions, 2019Q2: $33bnForeign official, 2019Q2: $488bnForeign private, 2019Q2: $602bnFederal Reserve, 2019Q2: $351bnOther U.S. investors, 2019Q2: $1.32tnDealers and hedge funds, 2019Q2: $161bnU.S. banks, 2019Q3: $190bnU.S. ETFs, 2019Q3: $44bnU.S. money market funds, 2019Q3: $1.05tnU.S. mutual funds, 2019Q3: $40bnU.S. insurers and pensions, 2019Q3: $40bnForeign official, 2019Q3: $494bnForeign private, 2019Q3: $755bnFederal Reserve, 2019Q3: $326bnOther U.S. investors, 2019Q3: $1.13tnDealers and hedge funds, 2019Q3: $69bnU.S. banks, 2019Q4: $188bnU.S. ETFs, 2019Q4: $43bnU.S. money market funds, 2019Q4: $1.12tnU.S. mutual funds, 2019Q4: $33bnU.S. insurers and pensions, 2019Q4: $28bnForeign official, 2019Q4: $456bnForeign private, 2019Q4: $639bnFederal Reserve, 2019Q4: $446bnOther U.S. investors, 2019Q4: $1.08tnDealers and hedge funds, 2019Q4: $176bnU.S. banks, 2020Q1: $193bnU.S. ETFs, 2020Q1: $52bnU.S. money market funds, 2020Q1: $1.36tnU.S. mutual funds, 2020Q1: $27bnU.S. insurers and pensions, 2020Q1: $42bnForeign official, 2020Q1: $481bnForeign private, 2020Q1: $752bnFederal Reserve, 2020Q1: $666bnOther U.S. investors, 2020Q1: $944bnDealers and hedge funds, 2020Q1: $9bnU.S. banks, 2020Q2: $268bnU.S. ETFs, 2020Q2: $53bnU.S. money market funds, 2020Q2: $2.56tnU.S. mutual funds, 2020Q2: $55bnU.S. insurers and pensions, 2020Q2: $43bnForeign official, 2020Q2: $650bnForeign private, 2020Q2: $813bnFederal Reserve, 2020Q2: $895bnOther U.S. investors, 2020Q2: $1.16tnDealers and hedge funds, 2020Q2: $482bnU.S. banks, 2020Q3: $299bnU.S. ETFs, 2020Q3: $49bnU.S. money market funds, 2020Q3: $2.49tnU.S. mutual funds, 2020Q3: $55bnU.S. insurers and pensions, 2020Q3: $49bnForeign official, 2020Q3: $631bnForeign private, 2020Q3: $861bnFederal Reserve, 2020Q3: $950bnOther U.S. investors, 2020Q3: $1.23tnDealers and hedge funds, 2020Q3: $354bnU.S. banks, 2020Q4: $273bnU.S. ETFs, 2020Q4: $42bnU.S. money market funds, 2020Q4: $2.47tnU.S. mutual funds, 2020Q4: $59bnU.S. insurers and pensions, 2020Q4: $52bnForeign official, 2020Q4: $614bnForeign private, 2020Q4: $941bnFederal Reserve, 2020Q4: $959bnOther U.S. investors, 2020Q4: $1.27tnDealers and hedge funds, 2020Q4: $287bnU.S. banks, 2021Q1: $261bnU.S. ETFs, 2021Q1: $41bnU.S. money market funds, 2021Q1: $2.58tnU.S. mutual funds, 2021Q1: $65bnU.S. insurers and pensions, 2021Q1: $52bnForeign official, 2021Q1: $613bnForeign private, 2021Q1: $858bnFederal Reserve, 2021Q1: $992bnOther U.S. investors, 2021Q1: $1.04tnDealers and hedge funds, 2021Q1: $242bnU.S. banks, 2021Q2: $254bnU.S. ETFs, 2021Q2: $42bnU.S. money market funds, 2021Q2: $2.29tnU.S. mutual funds, 2021Q2: $63bnU.S. insurers and pensions, 2021Q2: $52bnForeign official, 2021Q2: $458bnForeign private, 2021Q2: $903bnFederal Reserve, 2021Q2: $969bnOther U.S. investors, 2021Q2: $1.05tnDealers and hedge funds, 2021Q2: $301bnU.S. banks, 2021Q3: $286bnU.S. ETFs, 2021Q3: $44bnU.S. money market funds, 2021Q3: $1.69tnU.S. mutual funds, 2021Q3: $76bnU.S. insurers and pensions, 2021Q3: $47bnForeign official, 2021Q3: $434bnForeign private, 2021Q3: $998bnFederal Reserve, 2021Q3: $1.01tnOther U.S. investors, 2021Q3: $1.10tnDealers and hedge funds, 2021Q3: $196bnU.S. banks, 2021Q4: $281bnU.S. ETFs, 2021Q4: $43bnU.S. money market funds, 2021Q4: $1.81tnU.S. mutual funds, 2021Q4: $82bnU.S. insurers and pensions, 2021Q4: $44bnForeign official, 2021Q4: $421bnForeign private, 2021Q4: $1.13tnFederal Reserve, 2021Q4: $1.05tnOther U.S. investors, 2021Q4: $902bnDealers and hedge funds, 2021Q4: $165bnU.S. banks, 2022Q1: $282bnU.S. ETFs, 2022Q1: $49bnU.S. money market funds, 2022Q1: $1.76tnU.S. mutual funds, 2022Q1: $72bnU.S. insurers and pensions, 2022Q1: $41bnForeign official, 2022Q1: $441bnForeign private, 2022Q1: $1.11tnFederal Reserve, 2022Q1: $1.10tnOther U.S. investors, 2022Q1: $1.16tnDealers and hedge funds, 2022Q1: $211bnU.S. banks, 2022Q2: $282bnU.S. ETFs, 2022Q2: $63bnU.S. money market funds, 2022Q2: $1.46tnU.S. mutual funds, 2022Q2: $62bnU.S. insurers and pensions, 2022Q2: $42bnForeign official, 2022Q2: $405bnForeign private, 2022Q2: $919bnFederal Reserve, 2022Q2: $1.14tnOther U.S. investors, 2022Q2: $1.27tnDealers and hedge funds, 2022Q2: $259bnU.S. banks, 2022Q3: $299bnU.S. ETFs, 2022Q3: $75bnU.S. money market funds, 2022Q3: $1.26tnU.S. mutual funds, 2022Q3: $55bnU.S. insurers and pensions, 2022Q3: $51bnForeign official, 2022Q3: $374bnForeign private, 2022Q3: $1.06tnFederal Reserve, 2022Q3: $1.12tnOther U.S. investors, 2022Q3: $1.62tnDealers and hedge funds, 2022Q3: $181bnU.S. banks, 2022Q4: $295bnU.S. ETFs, 2022Q4: $76bnU.S. money market funds, 2022Q4: $1.06tnU.S. mutual funds, 2022Q4: $54bnU.S. insurers and pensions, 2022Q4: $50bnForeign official, 2022Q4: $406bnForeign private, 2022Q4: $1.02tnFederal Reserve, 2022Q4: $1.08tnOther U.S. investors, 2022Q4: $1.88tnDealers and hedge funds, 2022Q4: $248bnU.S. banks, 2023Q1: $302bnU.S. ETFs, 2023Q1: $92bnU.S. money market funds, 2023Q1: $1.04tnU.S. mutual funds, 2023Q1: $66bnU.S. insurers and pensions, 2023Q1: $44bnForeign official, 2023Q1: $429bnForeign private, 2023Q1: $759bnFederal Reserve, 2023Q1: $973bnOther U.S. investors, 2023Q1: $2.23tnDealers and hedge funds, 2023Q1: $636bnU.S. banks, 2023Q2: $315bnU.S. ETFs, 2023Q2: $88bnU.S. money market funds, 2023Q2: $1.24tnU.S. mutual funds, 2023Q2: $58bnU.S. insurers and pensions, 2023Q2: $48bnForeign official, 2023Q2: $375bnForeign private, 2023Q2: $713bnFederal Reserve, 2023Q2: $916bnOther U.S. investors, 2023Q2: $2.45tnDealers and hedge funds, 2023Q2: $750bnU.S. banks, 2023Q3: $363bnU.S. ETFs, 2023Q3: $103bnU.S. money market funds, 2023Q3: $1.77tnU.S. mutual funds, 2023Q3: $64bnU.S. insurers and pensions, 2023Q3: $58bnForeign official, 2023Q3: $399bnForeign private, 2023Q3: $933bnFederal Reserve, 2023Q3: $867bnOther U.S. investors, 2023Q3: $2.55tnDealers and hedge funds, 2023Q3: $616bnU.S. banks, 2023Q4: $368bnU.S. ETFs, 2023Q4: $105bnU.S. money market funds, 2023Q4: $2.27tnU.S. mutual funds, 2023Q4: $62bnU.S. insurers and pensions, 2023Q4: $64bnForeign official, 2023Q4: $425bnForeign private, 2023Q4: $997bnFederal Reserve, 2023Q4: $831bnOther U.S. investors, 2023Q4: $2.51tnDealers and hedge funds, 2023Q4: $540bnU.S. banks, 2024Q1: $334bnU.S. ETFs, 2024Q1: $105bnU.S. money market funds, 2024Q1: $2.56tnU.S. mutual funds, 2024Q1: $62bnU.S. insurers and pensions, 2024Q1: $55bnForeign official, 2024Q1: $454bnForeign private, 2024Q1: $925bnFederal Reserve, 2024Q1: $817bnOther U.S. investors, 2024Q1: $2.64tnDealers and hedge funds, 2024Q1: $632bnU.S. banks, 2024Q2: $323bnU.S. ETFs, 2024Q2: $115bnU.S. money market funds, 2024Q2: $2.45tnU.S. mutual funds, 2024Q2: $60bnU.S. insurers and pensions, 2024Q2: $50bnForeign official, 2024Q2: $456bnForeign private, 2024Q2: $1.18tnFederal Reserve, 2024Q2: $740bnOther U.S. investors, 2024Q2: $2.51tnDealers and hedge funds, 2024Q2: $434bnU.S. banks, 2024Q3: $357bnU.S. ETFs, 2024Q3: $125bnU.S. money market funds, 2024Q3: $2.66tnU.S. mutual funds, 2024Q3: $60bnU.S. insurers and pensions, 2024Q3: $52bnForeign official, 2024Q3: $541bnForeign private, 2024Q3: $1.14tnFederal Reserve, 2024Q3: $730bnOther U.S. investors, 2024Q3: $2.25tnDealers and hedge funds, 2024Q3: $586bnU.S. banks, 2024Q4: $334bnU.S. ETFs, 2024Q4: $128bnU.S. money market funds, 2024Q4: $2.99tnU.S. mutual funds, 2024Q4: $61bnU.S. insurers and pensions, 2024Q4: $55bnForeign official, 2024Q4: $522bnForeign private, 2024Q4: $1.19tnFederal Reserve, 2024Q4: $691bnOther U.S. investors, 2024Q4: $2.00tnDealers and hedge funds, 2024Q4: $685bn2011Q42015Q42019Q42023Q42024Q4

All sectors · 2024Q4

Treasury market composition

The three cards report nominal market value in the paper’s Treasury universe for each maturity bucket.

+$5997bn nominal market-value change since 2011Q4 in the selected maturity bucket.

2024Q4 face amount in the same universe$27.64tn

Short$8.66tn
Intermediate$9.40tn
Long$7.65tn

Interpretation: Dollar values in this exhibit are nominal market values, not the potential-GDP-scaled quantities used in the paper’s estimation. At 2024Q4, they sum to $25.71 trillion; the face amount in the same research-data universe is $27.64 trillion. Primary dealers and domestic and foreign hedge funds are combined as “Dealers and hedge funds” to match the model sector. Negative values denote net short positions in a few quarters.

Source: Dissecting Treasury Market Resilience, Appendix Figure A1, “Holdings of U.S. Treasuries by Maturity Bucket.” Quarterly market values and shares of Treasury amount outstanding, 2011Q4–2024Q4.

Economic interpretation

Investor demand responds differently to yields, inflation, and debt.

The analysis estimates separate demand curves for eight granular investor sectors and a policy rule for the Federal Reserve. Switch variables and units, then select a sector to interpret its estimate.

Estimated response · 2011Q4–2024Q4

Own-yield sensitivity

Positive bars indicate that holdings rise as the selected variable increases. Sectors are ranked by the selected estimate.

BK

Estimated demand

Banks

Estimated demand responds to yields, inflation, and debt relative to GDP.

Conditional on yields and the other macroeconomic states, a 1 percentage-point rise in the sector's own-bucket Treasury yield is associated with an increase of 4.0% in banks Treasury holdings.

Point estimate+4.0%% of average holdings per 1pp
Average holdings$287bnScale used for percent view
Role in the modelThis sector has a separately estimated demand relationship with Treasury yields and economic conditions.

Interpretation: These are conditional demand-equation point estimates, not separately identified causal mechanisms. The seven regular private sectors pool maturity buckets; money market funds operate only in the short bucket. The Fed point is an across-bucket average from a differently specified policy rule.

Source: Dissecting Treasury Market Resilience, Figure 2, “Demand Heterogeneity Across Sectors,” and Appendix Tables A1 and A8. Sample: 2011Q4–2024Q4.