How Liquid Is the New 20-Year Treasury Bond?

Michael Fleming and Francisco Ruela

No 20200701, Liberty Street Economics from Federal Reserve Bank of New York

Abstract: On May 20, the U.S. Department of the Treasury sold a 20-year bond for the first time since 1986. In announcing the reintroduction, Treasury said it would issue the bond in a regular and predictable manner and in benchmark size, thereby creating an additional liquidity point along the Treasury yield curve. But just how liquid is the new bond? In this post, we take a first look at the bond’s behavior, evaluating its trading activity and liquidity using a short sample of data since the bond’s introduction.

Keywords: treasury security; liquidity; 20-year bond (search for similar items in EconPapers)
JEL-codes: G1 (search for similar items in EconPapers)
Date: 2020-07-01
New Economics Papers: this item is included in nep-fmk
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