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

Joshua A. Jacobs and Rajdeep Sengupta

Economic Bulletin, 2025, 4

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.

Date: 2025
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