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The Changing Investor Composition of U.S. Treasuries, Pt. 2: Who’s Buying U.S. Treasuries?

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  • Joshua A. Jacobs
  • Rajdeep Sengupta

Abstract

Part 1 of this two-Bulletin series highlights the changing demand among foreign investors for U.S. Treasuries. In Part 2, we explore how the composition of Treasury investors has shifted toward more yield-sensitive domestic private investors—such as banks, money funds, and hedge funds. This shift in investor composition has not only increased yields but also raised volatility.

Suggested Citation

  • Joshua A. Jacobs & Rajdeep Sengupta, 2025. "The Changing Investor Composition of U.S. Treasuries, Pt. 2: Who’s Buying U.S. Treasuries?," Economic Bulletin, Federal Reserve Bank of Kansas City, pages 1-4, July.
    • Handle: RePEc:fip:fedkeb:101706
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    References listed on IDEAS

    as
    1. Tobias Adrian & Richard K. Crump & Benjamin Mills & Emanuel Moench, 2014. "Treasury Term Premia: 1961-Present," Liberty Street Economics 20140512, Federal Reserve Bank of New York.
    2. Ayelen Banegas & Phillip J. Monin, 2023. "Hedge Fund Treasury Exposures, Repo, and Margining," FEDS Notes 2023-09-08-3, Board of Governors of the Federal Reserve System (U.S.).
    Full references (including those not matched with items on IDEAS)

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