Joy Wiltermuth is a news editor and senior markets reporter based in San Francisco.
The $26 trillion Treasury market has shown resilience this year, despite wild swings in stocks and bonds, a deluge of U.S. debt issuance and the Federal Reserve shrinking its balance sheet.
Yet, with heightened volatility and increased trading volumes, “indicators of stress remained within the historical ranges,” the report stated. The report also provided more detail on the Treasury’s plans to start a new buyback facility next year with an aim to supporting market liquidity. It will allow holders of off-the-run securities the chance to retire older and less liquid U.S. debt in a programmatic way, starting with primary dealers.
But even before that, liquidity had been deteriorating for years as Wall Street banks stepped back in the wake of post-2008 financial reforms, Engelke said, while also noting the Treasury market has grown about fourfold from it roughly $6 trillion size in 2008.
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