10/10/2022
The Three Largest holders of Treasury securities—the Federal Reserve, other Governments, and Commercial Banks—Are all Pulling Out at Once.
Most of those who were previously lined up to purchase US government debt, including Japanese pensions, life insurance, foreign governments, and US commercial banks, have since backed off. Of course, the Federal Reserve recently increased the rate at which it intends to sell Treasuries off its balance sheet to $60 billion per month.
The most prominent participants in the $23.7 trillion US Treasury market are retreating everywhere you look.