Accessible Version
Assessment of Dealer Capacity to Intermediate in Treasury and Agency MBS Markets, Accessible Data
Figure 1: Supplementary Leverage Ratio - Six Largest Dealers
Percent
| Quarter | J.P. Morgan Securities LLC | BofA Securities, Inc. | Citigroup Global Markets Inc. | Morgan Stanley & Co. LLC | Goldman Sachs & Co. LLC | Wells Fargo Securities, LLC |
|---|---|---|---|---|---|---|
| 2016-Q3 | 6.57 | 7.08 | 7.7 | 6.35 | 6.35 | 7.75 |
| 2016-Q4 | 6.52 | 7.04 | 7.58 | 6.41 | 6.49 | 7.63 |
| 2017-Q1 | 6.61 | 7.01 | 7.44 | 6.48 | 6.45 | 7.77 |
| 2017-Q2 | 6.65 | 7.07 | 7.41 | 6.52 | 6.32 | 7.94 |
| 2017-Q3 | 6.61 | 7.16 | 7.29 | 6.53 | 6.13 | 7.94 |
| 2017-Q4 | 6.51 | 6.95 | 6.77 | 6.46 | 5.84 | 8.01 |
| 2018-Q1 | 6.47 | 6.76 | 6.71 | 6.34 | 5.7 | 7.95 |
| 2018-Q2 | 6.46 | 6.69 | 6.59 | 6.38 | 5.78 | 8.08 |
| 2018-Q3 | 6.51 | 6.68 | 6.49 | 6.39 | 5.98 | 7.84 |
| 2018-Q4 | 6.38 | 6.77 | 6.4 | 6.46 | 6.23 | 7.72 |
| 2019-Q1 | 6.41 | 6.77 | 6.43 | 6.51 | 6.37 | 7.78 |
| 2019-Q2 | 6.41 | 6.81 | 6.36 | 6.47 | 6.41 | 7.75 |
| 2019-Q3 | 6.3 | 6.63 | 6.27 | 6.31 | 6.23 | 7.36 |
| 2019-Q4 | 6.26 | 6.4 | 6.2 | 6.36 | 6.21 | 7.07 |
| 2020-Q1 | 6.04 | 6.42 | 5.96 | 6.23 | 5.95 | 6.84 |
| 2020-Q2 | 6.84 | 7.05 | 6.64 | 7.29 | 6.56 | 7.52 |
| 2020-Q3 | 7.01 | 6.86 | 6.82 | 7.37 | 6.8 | 7.75 |
| 2020-Q4 | 6.9 | 7.18 | 6.99 | 7.39 | 6.94 | 8.05 |
| 2021-Q1 | 6.74 | 7.02 | 6.95 | 6.65 | 6.49 | 7.91 |
| 2021-Q2 | 5.42 | 5.87 | 5.84 | 5.88 | 5.54 | 7.09 |
| 2021-Q3 | 5.47 | 5.63 | 5.8 | 5.72 | 5.56 | 6.94 |
| 2021-Q4 | 5.38 | 5.45 | 5.73 | 5.64 | 5.48 | 6.89 |
| 2022-Q1 | 5.23 | 5.38 | 5.58 | 5.46 | 5.51 | 6.61 |
| 2022-Q2 | 5.25 | 5.55 | 5.66 | 5.35 | 5.5 | 6.63 |
| 2022-Q3 | 5.29 | 5.76 | 5.71 | 5.43 | 5.54 | 6.65 |
| 2022-Q4 | 5.62 | 5.92 | 5.82 | 5.52 | 5.77 | 6.86 |
| 2023-Q1 | 5.86 | 5.99 | 5.96 | 5.48 | 5.79 | 6.96 |
| 2023-Q2 | 5.84 | 6 | 5.97 | 5.53 | 5.56 | 6.91 |
| 2023-Q3 | 5.97 | 6.19 | 6.04 | 5.5 | 5.59 | 6.93 |
| 2023-Q4 | 6.11 | 6.07 | 5.82 | 5.47 | 5.53 | 7.09 |
| 2024-Q1 | 6.06 | 6.04 | 5.84 | 5.4 | 5.43 | 6.85 |
| 2024-Q2 | 6.09 | 5.98 | 5.89 | 5.46 | 5.45 | 6.67 |
Note: The temporary exemption period reflects the temporary exclusion of Treasury securities and reserves from total leverage exposure.
Source: FR Y-9C and FFIEC 101.
Figure 2: Primary Dealer Positions and Financing in Treasuries vs Total Treasuries Outstanding (excl. SOMA)
Billions of dollars
| Date | Gross positions | Financing | Treasuries outstanding (excl. SOMA) |
|---|---|---|---|
| 2012-01-04 | 456454 | 1856507 | 8305520 |
| 2012-01-11 | 498343 | 1907070 | 8315960 |
| 2012-01-18 | 488197 | 1861656 | 8346680 |
| 2012-01-25 | 521151 | 1911153 | 8339500 |
| 2012-02-01 | 531358 | 1943982 | 8397920 |
| 2012-02-08 | 569824 | 1958975 | 8409240 |
| 2012-02-15 | 530946 | 1940894 | 8463790 |
| 2012-02-22 | 559663 | 2033684 | 8491830 |
| 2012-02-29 | 522608 | 2010451 | 8552190 |
| 2012-03-07 | 514685 | 2042843 | 8590060 |
| 2012-03-14 | 534860 | 2040453 | 8604300 |
| 2012-03-21 | 505951 | 2033379 | 8645290 |
| 2012-03-28 | 489156 | 2029687 | 8652650 |
| 2012-04-04 | 512050 | 1905401 | 8700450 |
| 2012-04-11 | 543703 | 1976812 | 8685530 |
| 2012-04-18 | 515796 | 1985894 | 8712370 |
| 2012-04-25 | 527434 | 1989953 | 8669490 |
| 2012-05-02 | 531992 | 1979350 | 8724250 |
| 2012-05-09 | 556598 | 1973091 | 8729250 |
| 2012-05-16 | 534321 | 1985828 | 8773010 |
| 2012-05-23 | 545598 | 2019014 | 8771310 |
| 2012-05-30 | 532615 | 1972781 | 8769770 |
| 2012-06-06 | 544430 | 2028062 | 8813960 |
| 2012-06-13 | 535566 | 1978456 | 8815640 |
| 2012-06-20 | 502358 | 1926859 | 8845070 |
| 2012-06-27 | 507660 | 1931085 | 8839660 |
| 2012-07-04 | 492748 | 1860164 | 8864245 |
| 2012-07-11 | 527852 | 1886319 | 8888830 |
| 2012-07-18 | 521382 | 1940597 | 8896250 |
| 2012-07-25 | 569460 | 1913481 | 8890900 |
| 2012-08-01 | 532597 | 1899271 | 8950830 |
| 2012-08-08 | 523522 | 1868816 | 8953480 |
| 2012-08-15 | 505546 | 1902949 | 9002910 |
| 2012-08-22 | 492616 | 1902687 | 9020860 |
| 2012-08-29 | 504105 | 1943278 | 9037350 |
| 2012-09-05 | 546321 | 1940732 | 9100760 |
| 2012-09-12 | 532679 | 1957981 | 9122470 |
| 2012-09-19 | 518011 | 1897237 | 9083850 |
| 2012-09-26 | 498607 | 1910682 | 9080250 |
| 2012-10-03 | 508085 | 1879480 | 9135770 |
| 2012-10-10 | 529481 | 1851349 | 9136950 |
| 2012-10-17 | 501998 | 1824691 | 9160280 |
| 2012-10-24 | 530294 | 1899437 | 9175840 |
| 2012-10-31 | 531069 | 1859661 | 9234940 |
| 2012-11-07 | 546068 | 1869223 | 9214860 |
| 2012-11-14 | 577172 | 1879467 | 9235180 |
| 2012-11-21 | 557880 | 1926063 | 9277270 |
| 2012-11-28 | 518881 | 1954818 | 9302970 |
| 2012-12-05 | 520582 | 1931652 | 9372080 |
| 2012-12-12 | 537377 | 1938065 | 9390790 |
| 2012-12-19 | 540499 | 1897603 | 9374430 |
| 2012-12-26 | 512131 | 1879743 | 9352290 |
| 2013-01-02 | 493202 | 1770088 | 9379750 |
| 2013-01-09 | 521723 | 1852753 | 9369640 |
| 2013-01-16 | 518030 | 1879020 | 9381600 |
| 2013-01-23 | 516620 | 1856549 | 9368880 |
| 2013-01-30 | 535818 | 1956315 | 9345610 |
| 2013-02-06 | 555300 | 1938592 | 9390410 |
| 2013-02-13 | 559442 | 1979651 | 9422560 |
| 2013-02-20 | 527818 | 1938738 | 9472040 |
| 2013-02-27 | 517452 | 1981841 | 9478410 |
| 2013-03-06 | 539363 | 1915223 | 9569710 |
| 2013-03-13 | 510731 | 1941160 | 9566020 |
| 2013-03-20 | 469866 | 1991009 | 9582430 |
| 2013-03-27 | 480336 | 1912746 | 9578190 |
| 2013-04-03 | 533708 | 1886077 | 9627740 |
| 2013-04-10 | 543415 | 1896879 | 9624540 |
| 2013-04-17 | 501182 | 1886527 | 9597340 |
| 2013-04-24 | 515955 | 1860513 | 9552810 |
| 2013-05-01 | 527796 | 1913971 | 9561820 |
| 2013-05-08 | 524051 | 1895296 | 9531000 |
| 2013-05-15 | 514398 | 1947657 | 9501770 |
| 2013-05-22 | 512764 | 1923025 | 9454670 |
| 2013-05-29 | 544906 | 1914664 | 9445780 |
| 2013-06-05 | 534798 | 1930018 | 9522060 |
| 2013-06-12 | 502539 | 1937422 | 9520770 |
| 2013-06-19 | 460976 | 1916103 | 9509720 |
| 2013-06-26 | 468823 | 1928451 | 9476790 |
| 2013-07-03 | 473146 | 1838078 | 9487300 |
| 2013-07-10 | 484171 | 1822671 | 9464810 |
| 2013-07-17 | 466595 | 1781955 | 9458650 |
| 2013-07-24 | 504638 | 1764913 | 9447670 |
| 2013-07-31 | 507653 | 1800096 | 9495330 |
| 2013-08-07 | 516266 | 1779473 | 9497820 |
| 2013-08-14 | 495022 | 1805256 | 9498600 |
| 2013-08-21 | 493182 | 1813388 | 9521450 |
| 2013-08-28 | 530430 | 1877827 | 9515510 |
| 2013-09-04 | 520329 | 1848827 | 9585390 |
| 2013-09-11 | 545729 | 1851510 | 9582680 |
| 2013-09-18 | 515770 | 1853821 | 9533450 |
| 2013-09-25 | 531592 | 1864059 | 9500580 |
| 2013-10-02 | 515692 | 1827789 | 9513510 |
| 2013-10-09 | 554829 | 1813361 | 9498940 |
| 2013-10-16 | 575146 | 1782641 | 9502620 |
| 2013-10-23 | 521353 | 1836047 | 9504420 |
| 2013-10-30 | 520441 | 1856076 | 9500410 |
| 2013-11-06 | 520218 | 1868915 | 9554590 |
| 2013-11-13 | 529256 | 1852331 | 9566360 |
| 2013-11-20 | 499286 | 1805954 | 9592180 |
| 2013-11-27 | 501992 | 1848472 | 9594750 |
| 2013-12-04 | 500169 | 1860698 | 9638200 |
| 2013-12-11 | 505795 | 1877731 | 9625710 |
| 2013-12-18 | 502634 | 1798613 | 9644110 |
| 2013-12-25 | 469867 | 1821559 | 9636713 |
| 2014-01-01 | 454647 | 1687908 | 9629317 |
| 2014-01-08 | 502320 | 1739182 | 9621920 |
| 2014-01-15 | 489283 | 1736864 | 9588210 |
| 2014-01-22 | 500036 | 1777691 | 9556300 |
| 2014-01-29 | 538019 | 1821543 | 9529120 |
| 2014-02-05 | 539752 | 1820175 | 9557190 |
| 2014-02-12 | 546471 | 1810235 | 9572040 |
| 2014-02-19 | 564703 | 1789161 | 9638420 |
| 2014-02-26 | 574708 | 1868250 | 9651030 |
| 2014-03-05 | 561991 | 1830750 | 9728370 |
| 2014-03-12 | 559541 | 1854780 | 9741690 |
| 2014-03-19 | 569238 | 1811357 | 9782640 |
| 2014-03-26 | 518511 | 1860682 | 9771710 |
| 2014-04-02 | 509827 | 1786974 | 9800010 |
| 2014-04-09 | 543028 | 1777001 | 9778420 |
| 2014-04-16 | 512470 | 1803701 | 9762880 |
| 2014-04-23 | 517467 | 1814135 | 9692940 |
| 2014-04-30 | 528216 | 1798348 | 9651160 |
| 2014-05-07 | 529817 | 1810204 | 9639870 |
| 2014-05-14 | 513753 | 1796664 | 9615880 |
| 2014-05-21 | 497937 | 1887245 | 9613120 |
| 2014-05-28 | 542216 | 1875421 | 9621070 |
| 2014-06-04 | 527783 | 1863313 | 9679770 |
| 2014-06-11 | 512834 | 1873084 | 9693940 |
| 2014-06-18 | 491036 | 1867505 | 9705030 |
| 2014-06-25 | 482539 | 1841016 | 9656300 |
| 2014-07-02 | 450578 | 1771931 | 9666180 |
| 2014-07-09 | 468733 | 1814249 | 9655050 |
| 2014-07-16 | 452415 | 1785182 | 9661070 |
| 2014-07-23 | 471388 | 1845298 | 9660580 |
| 2014-07-30 | 468316 | 1859838 | 9664690 |
| 2014-08-06 | 478111 | 1882381 | 9727050 |
| 2014-08-13 | 501359 | 1880210 | 9735390 |
| 2014-08-20 | 463113 | 1853457 | 9743370 |
| 2014-08-27 | 477001 | 1899429 | 9753260 |
| 2014-09-03 | 479131 | 1907804 | 9812580 |
| 2014-09-10 | 457428 | 1897400 | 9825810 |
| 2014-09-17 | 444749 | 1879708 | 9819800 |
| 2014-09-24 | 433312 | 1908841 | 9799650 |
| 2014-10-01 | 436178 | 1869299 | 9828780 |
| 2014-10-08 | 483672 | 1895266 | 9815660 |
| 2014-10-15 | 512461 | 1849586 | 9840360 |
| 2014-10-22 | 453227 | 1837306 | 9845100 |
| 2014-10-29 | 453849 | 1843212 | 9841310 |
| 2014-11-05 | 448942 | 1844655 | 9887350 |
| 2014-11-12 | 465978 | 1800523 | 9894510 |
| 2014-11-19 | 434293 | 1827322 | 9907840 |
| 2014-11-26 | 450265 | 1799867 | 9913980 |
| 2014-12-03 | 432638 | 1844320 | 9959740 |
| 2014-12-10 | 444969 | 1848217 | 9972180 |
| 2014-12-17 | 416553 | 1823877 | 10008470 |
| 2014-12-24 | 420423 | 1769464 | 10010920 |
| 2014-12-31 | 393675 | 1642508 | 10043340 |
| 2015-01-07 | 406160 | 1743138 | 10023330 |
| 2015-01-14 | 435178 | 1774881 | 10005200 |
| 2015-01-21 | 422022 | 1725766 | 9995250 |
| 2015-01-28 | 429713 | 1760671 | 9994170 |
| 2015-02-04 | 433129 | 1792875 | 10035310 |
| 2015-02-11 | 438234 | 1781679 | 10054030 |
| 2015-02-18 | 426371 | 1764435 | 10049140 |
| 2015-02-25 | 439754 | 1817325 | 10060870 |
| 2015-03-04 | 428218 | 1778352 | 10107710 |
| 2015-03-11 | 443814 | 1827663 | 10100760 |
| 2015-03-18 | 415027 | 1784845 | 10128630 |
| 2015-03-25 | 416973 | 1796317 | 10132740 |
| 2015-04-01 | 401965 | 1759622 | 10170400 |
| 2015-04-08 | 415642 | 1760811 | 10181250 |
| 2015-04-15 | 403700 | 1716277 | 10169340 |
| 2015-04-22 | 394201 | 1712389 | 10157180 |
| 2015-04-29 | 413060 | 1715606 | 10142050 |
| 2015-05-06 | 411152 | 1777167 | 10172730 |
| 2015-05-13 | 426514 | 1784422 | 10165940 |
| 2015-05-20 | 413516 | 1757640 | 10168110 |
| 2015-05-27 | 441289 | 1778414 | 10178300 |
| 2015-06-03 | 429637 | 1785169 | 10258420 |
| 2015-06-10 | 413864 | 1791539 | 10259860 |
| 2015-06-17 | 399372 | 1761324 | 10245030 |
| 2015-06-24 | 411705 | 1725138 | 10221470 |
| 2015-07-01 | 388265 | 1714626 | 10237800 |
| 2015-07-08 | 410954 | 1699400 | 10233840 |
| 2015-07-15 | 407526 | 1679070 | 10245190 |
| 2015-07-22 | 415024 | 1685821 | 10266250 |
| 2015-07-29 | 442180 | 1689095 | 10282360 |
| 2015-08-05 | 417160 | 1719497 | 10340130 |
| 2015-08-12 | 429380 | 1697990 | 10363900 |
| 2015-08-19 | 417433 | 1715237 | 10354470 |
| 2015-08-26 | 460359 | 1735687 | 10350230 |
| 2015-09-02 | 429159 | 1778166 | 10397350 |
| 2015-09-09 | 426060 | 1760380 | 10390380 |
| 2015-09-16 | 379087 | 1745708 | 10400400 |
| 2015-09-23 | 418212 | 1755987 | 10365420 |
| 2015-09-30 | 358896 | 1701507 | 10379420 |
| 2015-10-07 | 385398 | 1735075 | 10317140 |
| 2015-10-14 | 409328 | 1760544 | 10303840 |
| 2015-10-21 | 409853 | 1817039 | 10291510 |
| 2015-10-28 | 414905 | 1791520 | 10285180 |
| 2015-11-04 | 409658 | 1811391 | 10367180 |
| 2015-11-11 | 399847 | 1848899 | 10427555 |
| 2015-11-18 | 368771 | 1834500 | 10487930 |
| 2015-11-25 | 393434 | 1794699 | 10547570 |
| 2015-12-02 | 382450 | 1789568 | 10645890 |
| 2015-12-09 | 387810 | 1849847 | 10646770 |
| 2015-12-16 | 377209 | 1817400 | 10662660 |
| 2015-12-23 | 352751 | 1829465 | 10662560 |
| 2015-12-30 | 348897 | 1779257 | 10680430 |
| 2016-01-06 | 389449 | 1778059 | 10729560 |
| 2016-01-13 | 419247 | 1798611 | 10694050 |
| 2016-01-20 | 428923 | 1785012 | 10664190 |
| 2016-01-27 | 431588 | 1796557 | 10675700 |
| 2016-02-03 | 438461 | 1837212 | 10710330 |
| 2016-02-10 | 445288 | 1838106 | 10727520 |
| 2016-02-17 | 432277 | 1813007 | 10757340 |
| 2016-02-24 | 438123 | 1830314 | 10774380 |
| 2016-03-02 | 419588 | 1840826 | 10836430 |
| 2016-03-09 | 425344 | 1860175 | 10846760 |
| 2016-03-16 | 385384 | 1818071 | 10893100 |
| 2016-03-23 | 362699 | 1830225 | 10917440 |
| 2016-03-30 | 370586 | 1825589 | 10944790 |
| 2016-04-06 | 397493 | 1834713 | 10969920 |
| 2016-04-13 | 409536 | 1847297 | 10948080 |
| 2016-04-20 | 393050 | 1807371 | 10910450 |
| 2016-04-27 | 415350 | 1807405 | 10885620 |
| 2016-05-04 | 409426 | 1788721 | 10872380 |
| 2016-05-11 | 425550 | 1802870 | 10867320 |
| 2016-05-18 | 422414 | 1850226 | 10872210 |
| 2016-05-25 | 436751 | 1875197 | 10875420 |
| 2016-06-01 | 441290 | 1894554 | 10916850 |
| 2016-06-08 | 449550 | 1922711 | 10912010 |
| 2016-06-15 | 425442 | 1862098 | 10926170 |
| 2016-06-22 | 445708 | 1820746 | 10921340 |
| 2016-06-29 | 404209 | 1855885 | 10932490 |
| 2016-07-06 | 434381 | 1811703 | 10956220 |
| 2016-07-13 | 438283 | 1845478 | 10971210 |
| 2016-07-20 | 424901 | 1796455 | 10991070 |
| 2016-07-27 | 437316 | 1838970 | 10997020 |
| 2016-08-03 | 436876 | 1878866 | 10994420 |
| 2016-08-10 | 443302 | 1833826 | 11011220 |
| 2016-08-17 | 421645 | 1860977 | 11048440 |
| 2016-08-24 | 439108 | 1884256 | 11070220 |
| 2016-08-31 | 454082 | 1876155 | 11122320 |
| 2016-09-07 | 455474 | 1900059 | 11130110 |
| 2016-09-14 | 443893 | 1947465 | 11129710 |
| 2016-09-21 | 423886 | 1931583 | 11149310 |
| 2016-09-28 | 424231 | 1892598 | 11145900 |
| 2016-10-05 | 435852 | 1906098 | 11184090 |
| 2016-10-12 | 439147 | 1892455 | 11204290 |
| 2016-10-19 | 433708 | 1882625 | 11262500 |
| 2016-10-26 | 431080 | 1892080 | 11289720 |
| 2016-11-02 | 445358 | 1903161 | 11293510 |
| 2016-11-09 | 481129 | 1867691 | 11326130 |
| 2016-11-16 | 448488 | 1936060 | 11375230 |
| 2016-11-23 | 452476 | 1924855 | 11407820 |
| 2016-11-30 | 418465 | 1877559 | 11444510 |
| 2016-12-07 | 434271 | 1906272 | 11435250 |
| 2016-12-14 | 422120 | 1919425 | 11417560 |
| 2016-12-21 | 385055 | 1861436 | 11419870 |
| 2016-12-28 | 360377 | 1816784 | 11416180 |
| 2017-01-04 | 396877 | 1791347 | 11448110 |
| 2017-01-11 | 437453 | 1806505 | 11442730 |
| 2017-01-18 | 426586 | 1799296 | 11438760 |
| 2017-01-25 | 456912 | 1769272 | 11416380 |
| 2017-02-01 | 435523 | 1787476 | 11387180 |
| 2017-02-08 | 449601 | 1801864 | 11377270 |
| 2017-02-15 | 434474 | 1829363 | 11430330 |
| 2017-02-22 | 449110 | 1838784 | 11416420 |
| 2017-03-01 | 467090 | 1831077 | 11422350 |
| 2017-03-08 | 457980 | 1878142 | 11388820 |
| 2017-03-15 | 435493 | 1868700 | 11353310 |
| 2017-03-22 | 443263 | 1850503 | 11395790 |
| 2017-03-29 | 425438 | 1835449 | 11419070 |
| 2017-04-05 | 470393 | 1837269 | 11489890 |
| 2017-04-12 | 441947 | 1826361 | 11532750 |
| 2017-04-19 | 450539 | 1831688 | 11514450 |
| 2017-04-26 | 448479 | 1819140 | 11482230 |
| 2017-05-03 | 461194 | 1840438 | 11454200 |
| 2017-05-10 | 468511 | 1820835 | 11456400 |
| 2017-05-17 | 477105 | 1857159 | 11471110 |
| 2017-05-24 | 508365 | 1886333 | 11473310 |
| 2017-05-31 | 505006 | 1835453 | 11504850 |
| 2017-06-07 | 480658 | 1912189 | 11528540 |
| 2017-06-14 | 492069 | 1884600 | 11528330 |
| 2017-06-21 | 452508 | 1906517 | 11520100 |
| 2017-06-28 | 432695 | 1911660 | 11505890 |
| 2017-07-05 | 429373 | 1840115 | 11533050 |
| 2017-07-12 | 444875 | 1847861 | 11538270 |
| 2017-07-19 | 446033 | 1821348 | 11562250 |
| 2017-07-26 | 458837 | 1842892 | 11577460 |
| 2017-08-02 | 451004 | 1834036 | 11603530 |
| 2017-08-09 | 457431 | 1874639 | 11613750 |
| 2017-08-16 | 454372 | 1873958 | 11618670 |
| 2017-08-23 | 440539 | 1881416 | 11613900 |
| 2017-08-30 | 451912 | 1897347 | 11617110 |
| 2017-09-06 | 474446 | 1908527 | 11656650 |
| 2017-09-13 | 464374 | 1935022 | 11685270 |
| 2017-09-20 | 444759 | 1917887 | 11672070 |
| 2017-09-27 | 433732 | 1924220 | 11682890 |
| 2017-10-04 | 438516 | 1912458 | 11731150 |
| 2017-10-11 | 453600 | 1906643 | 11752910 |
| 2017-10-18 | 432794 | 1899767 | 11788710 |
| 2017-10-25 | 473568 | 1919722 | 11800490 |
| 2017-11-01 | 463746 | 1974901 | 11852440 |
| 2017-11-08 | 478405 | 1974843 | 11874890 |
| 2017-11-15 | 477955 | 1902113 | 11916650 |
| 2017-11-22 | 493512 | 1946298 | 11934040 |
| 2017-11-29 | 480778 | 1957306 | 11954500 |
| 2017-12-06 | 452659 | 1868033 | 11971630 |
| 2017-12-13 | 437721 | 1879952 | 11921660 |
| 2017-12-20 | 384764 | 1859681 | 11959510 |
| 2017-12-27 | 411919 | 1866699 | 11973350 |
| 2018-01-03 | 396843 | 1825904 | 11988470 |
| 2018-01-10 | 421164 | 1850117 | 12018480 |
| 2018-01-17 | 419081 | 1805909 | 12054240 |
| 2018-01-24 | 461246 | 1832269 | 12055280 |
| 2018-01-31 | 453002 | 1848880 | 12066800 |
| 2018-02-07 | 486079 | 1860341 | 12056650 |
| 2018-02-14 | 456271 | 1869975 | 12066490 |
| 2018-02-21 | 457689 | 1895444 | 12155690 |
| 2018-02-28 | 459740 | 1903669 | 12242180 |
| 2018-03-07 | 452634 | 1926141 | 12301390 |
| 2018-03-14 | 453715 | 1943506 | 12373860 |
| 2018-03-21 | 405752 | 1903617 | 12446330 |
| 2018-03-28 | 425868 | 1850885 | 12472820 |
| 2018-04-04 | 438936 | 1848486 | 12551960 |
| 2018-04-11 | 442468 | 1765624 | 12549360 |
| 2018-04-18 | 442067 | 1731199 | 12473140 |
| 2018-04-25 | 446916 | 1756185 | 12430390 |
| 2018-05-02 | 449192 | 1788917 | 12443190 |
| 2018-05-09 | 464099 | 1797747 | 12439780 |
| 2018-05-16 | 455815 | 1755978 | 12480300 |
| 2018-05-23 | 498607 | 1759880 | 12486870 |
| 2018-05-30 | 483108 | 1752483 | 12512480 |
| 2018-06-06 | 476789 | 1779045 | 12550970 |
| 2018-06-13 | 463030 | 1777571 | 12545080 |
| 2018-06-20 | 455447 | 1770664 | 12580210 |
| 2018-06-27 | 457372 | 1735639 | 12577300 |
| 2018-07-04 | 450392 | 1682131 | 12604300 |
| 2018-07-11 | 443406 | 1667010 | 12631300 |
| 2018-07-18 | 451362 | 1703417 | 12661130 |
| 2018-07-25 | 468133 | 1688618 | 12684240 |
| 2018-08-01 | 454562 | 1682884 | 12738210 |
| 2018-08-08 | 469650 | 1666457 | 12774640 |
| 2018-08-15 | 461956 | 1656636 | 12855860 |
| 2018-08-22 | 459029 | 1683161 | 12893190 |
| 2018-08-29 | 475049 | 1693930 | 12911660 |
| 2018-09-05 | 469608 | 1708666 | 12978300 |
| 2018-09-12 | 456672 | 1732228 | 12960330 |
| 2018-09-19 | 433412 | 1691985 | 12987360 |
| 2018-09-26 | 434445 | 1701773 | 12954380 |
| 2018-10-03 | 437573 | 1729034 | 12987000 |
| 2018-10-10 | 483434 | 1741421 | 12972200 |
| 2018-10-17 | 460389 | 1737649 | 13023370 |
| 2018-10-24 | 507092 | 1785785 | 13039570 |
| 2018-10-31 | 492031 | 1779419 | 13077090 |
| 2018-11-07 | 489093 | 1818444 | 13098400 |
| 2018-11-14 | 504565 | 1775636 | 13135770 |
| 2018-11-21 | 502632 | 1894916 | 13195830 |
| 2018-11-28 | 520760 | 1880877 | 13221180 |
| 2018-12-05 | 532052 | 1933127 | 13309520 |
| 2018-12-12 | 513283 | 1934941 | 13315910 |
| 2018-12-19 | 458407 | 1990500 | 13350390 |
| 2018-12-26 | 476020 | 1980005 | 13330920 |
| 2019-01-02 | 500776 | 1861701 | 13385300 |
| 2019-01-09 | 513097 | 1904909 | 13375370 |
| 2019-01-16 | 514639 | 1920807 | 13398190 |
| 2019-01-23 | 503536 | 1931936 | 13382230 |
| 2019-01-30 | 549920 | 1890475 | 13382280 |
| 2019-02-06 | 543510 | 1869926 | 13417760 |
| 2019-02-13 | 529326 | 1869921 | 13475750 |
| 2019-02-20 | 519663 | 1908417 | 13513610 |
| 2019-02-27 | 536867 | 1958976 | 13537620 |
| 2019-03-06 | 518879 | 2002278 | 13572120 |
| 2019-03-13 | 528782 | 1982560 | 13623640 |
| 2019-03-20 | 503796 | 1970448 | 13699190 |
| 2019-03-27 | 522573 | 1959897 | 13715720 |
| 2019-04-03 | 520524 | 1992327 | 13784990 |
| 2019-04-10 | 534567 | 2023729 | 13779230 |
| 2019-04-17 | 512211 | 1957209 | 13744630 |
| 2019-04-24 | 556035 | 2016834 | 13705830 |
| 2019-05-01 | 552177 | 2014094 | 13746730 |
| 2019-05-08 | 583399 | 1996127 | 13762320 |
| 2019-05-15 | 560719 | 1983213 | 13783560 |
| 2019-05-22 | 572594 | 2004382 | 13776180 |
| 2019-05-29 | 592428 | 2041251 | 13763740 |
| 2019-06-05 | 567655 | 2084452 | 13812320 |
| 2019-06-12 | 552642 | 2059034 | 13791900 |
| 2019-06-19 | 528184 | 2049071 | 13805520 |
| 2019-06-26 | 519857 | 2022975 | 13790080 |
| 2019-07-03 | 543767 | 2027592 | 13853580 |
| 2019-07-10 | 535730 | 2015339 | 13845210 |
| 2019-07-17 | 532080 | 2006300 | 13871280 |
| 2019-07-24 | 562062 | 2040880 | 13860870 |
| 2019-07-31 | 546014 | 2039292 | 13878570 |
| 2019-08-07 | 583705 | 2090037 | 13902700 |
| 2019-08-14 | 564972 | 2090603 | 13922760 |
| 2019-08-21 | 545800 | 2083619 | 13974300 |
| 2019-08-28 | 560730 | 2096687 | 14005150 |
| 2019-09-04 | 536440 | 2103909 | 14104400 |
| 2019-09-11 | 535583 | 2111623 | 14120960 |
| 2019-09-18 | 495815 | 2078947 | 14149900 |
| 2019-09-25 | 491846 | 2093324 | 14155580 |
| 2019-10-02 | 482040 | 2107332 | 14216430 |
| 2019-10-09 | 489303 | 2106204 | 14214140 |
| 2019-10-16 | 497864 | 2104344 | 14283530 |
| 2019-10-23 | 495510 | 2051991 | 14282440 |
| 2019-10-30 | 484773 | 2021093 | 14281110 |
| 2019-11-06 | 506969 | 2074594 | 14321110 |
| 2019-11-13 | 508381 | 2058767 | 14333160 |
| 2019-11-20 | 499008 | 2090065 | 14349100 |
| 2019-11-27 | 498578 | 2062006 | 14337240 |
| 2019-12-04 | 474538 | 2102293 | 14375930 |
| 2019-12-11 | 469940 | 2096445 | 14331540 |
| 2019-12-18 | 454273 | 2096712 | 14337930 |
| 2019-12-25 | 463987 | 2101954 | 14329493 |
| 2020-01-01 | 486782 | 1930842 | 14321057 |
| 2020-01-08 | 533478 | 1960807 | 14312620 |
| 2020-01-15 | 518920 | 1950841 | 14318300 |
| 2020-01-22 | 518425 | 1948615 | 14298510 |
| 2020-01-29 | 561501 | 1965750 | 14279060 |
| 2020-02-05 | 539179 | 2024968 | 14303970 |
| 2020-02-12 | 537757 | 2005592 | 14315940 |
| 2020-02-19 | 513505 | 2039040 | 14374110 |
| 2020-02-26 | 571808 | 2062065 | 14410350 |
| 2020-03-04 | 588522 | 2238442 | 14454060 |
| 2020-03-11 | 591901 | 2315847 | 14450250 |
| 2020-03-18 | 549709 | 2434783 | 14351930 |
| 2020-03-25 | 492042 | 2431979 | 14033280 |
| 2020-04-01 | 489782 | 2245764 | 13858300 |
| 2020-04-08 | 501469 | 2170773 | 13954140 |
| 2020-04-15 | 515407 | 2136245 | 14128700 |
| 2020-04-22 | 513526 | 2101926 | 14254210 |
| 2020-04-29 | 513959 | 2099797 | 14429280 |
| 2020-05-06 | 510364 | 2120787 | 14601140 |
| 2020-05-13 | 550099 | 2110495 | 14672000 |
| 2020-05-20 | 551847 | 2119588 | 14806930 |
| 2020-05-27 | 618403 | 2084074 | 14975180 |
| 2020-06-03 | 561481 | 2133385 | 15227540 |
| 2020-06-10 | 574172 | 2092346 | 15327700 |
| 2020-06-17 | 548733 | 2076933 | 15455170 |
| 2020-06-24 | 584157 | 2060278 | 15515040 |
| 2020-07-01 | 558476 | 2013902 | 15685110 |
| 2020-07-08 | 561564 | 1965795 | 15696330 |
| 2020-07-15 | 541912 | 1971149 | 15694550 |
| 2020-07-22 | 557784 | 2004061 | 15673090 |
| 2020-07-29 | 548211 | 1967884 | 15656970 |
| 2020-08-05 | 571954 | 2005814 | 15670840 |
| 2020-08-12 | 565895 | 1969164 | 15639530 |
| 2020-08-19 | 566826 | 1997896 | 15696620 |
| 2020-08-26 | 578363 | 1952762 | 15702760 |
| 2020-09-02 | 557287 | 1974316 | 15807300 |
| 2020-09-09 | 578858 | 1985035 | 15779920 |
| 2020-09-16 | 552072 | 1936059 | 15848020 |
| 2020-09-23 | 594799 | 2005102 | 15809280 |
| 2020-09-30 | 532018 | 1963724 | 15922130 |
| 2020-10-07 | 574603 | 2038479 | 15887950 |
| 2020-10-14 | 577622 | 1958647 | 15877340 |
| 2020-10-21 | 573381 | 1991809 | 15925700 |
| 2020-10-28 | 597649 | 2003076 | 15892370 |
| 2020-11-04 | 585912 | 2018811 | 15961050 |
| 2020-11-11 | 567626 | 2035083 | 15961105 |
| 2020-11-18 | 561290 | 2078402 | 15961160 |
| 2020-11-25 | 590288 | 2048514 | 15926500 |
| 2020-12-02 | 591049 | 2094725 | 16065770 |
| 2020-12-09 | 576842 | 2119267 | 16063930 |
| 2020-12-16 | 554517 | 2093496 | 16127800 |
| 2020-12-23 | 511735 | 2133941 | 16104930 |
| 2020-12-30 | 508867 | 2170786 | 16120000 |
| 2021-01-06 | 535591 | 2123742 | 16273500 |
| 2021-01-13 | 543005 | 2094035 | 16248980 |
| 2021-01-20 | 564260 | 2022041 | 16292540 |
| 2021-01-27 | 613790 | 2036895 | 16269780 |
| 2021-02-03 | 592453 | 2081257 | 16375710 |
| 2021-02-10 | 597101 | 2004509 | 16349240 |
| 2021-02-17 | 579368 | 1967297 | 16387600 |
| 2021-02-24 | 601719 | 1930568 | 16312440 |
| 2021-03-03 | 550144 | 2039132 | 16398570 |
| 2021-03-10 | 551847 | 2038749 | 16323340 |
| 2021-03-17 | 501265 | 1992285 | 16346660 |
| 2021-03-24 | 553458 | 1996178 | 16314480 |
| 2021-03-31 | 507749 | 2036972 | 16438510 |
| 2021-04-07 | 481519 | 2080230 | 16404690 |
| 2021-04-14 | 506354 | 2053187 | 16373230 |
| 2021-04-21 | 526229 | 1997297 | 16378010 |
| 2021-04-28 | 549327 | 1960779 | 16322510 |
| 2021-05-05 | 532631 | 2014413 | 16395830 |
| 2021-05-12 | 555935 | 2000942 | 16345350 |
| 2021-05-19 | 559425 | 2029490 | 16364720 |
| 2021-05-26 | 577421 | 2027650 | 16310920 |
| 2021-06-02 | 570761 | 2067941 | 16411740 |
| 2021-06-09 | 578725 | 2066737 | 16384920 |
| 2021-06-16 | 558028 | 2082586 | 16444100 |
| 2021-06-23 | 566594 | 2054013 | 16415480 |
| 2021-06-30 | 524336 | 2012231 | 16549520 |
| 2021-07-07 | 526321 | 1973107 | 16512120 |
| 2021-07-14 | 525555 | 1992367 | 16472220 |
| 2021-07-21 | 521166 | 1973947 | 16470690 |
| 2021-07-28 | 523919 | 1940399 | 16434800 |
| 2021-08-04 | 532074 | 1976244 | 16500800 |
| 2021-08-11 | 547855 | 1972877 | 16445320 |
| 2021-08-18 | 552501 | 2032040 | 16462940 |
| 2021-08-25 | 567451 | 1990539 | 16444570 |
| 2021-09-01 | 568508 | 2028062 | 16560900 |
| 2021-09-08 | 560800 | 2011961 | 16526660 |
| 2021-09-15 | 531528 | 2018662 | 16593120 |
| 2021-09-22 | 530088 | 2044639 | 16505440 |
| 2021-09-29 | 510406 | 2097582 | 16394590 |
| 2021-10-06 | 542813 | 2118822 | 16394120 |
| 2021-10-13 | 534803 | 2147184 | 16391240 |
| 2021-10-20 | 522394 | 2149002 | 16417690 |
| 2021-10-27 | 518050 | 2140690 | 16559400 |
| 2021-11-03 | 501254 | 2147111 | 16694920 |
| 2021-11-10 | 510927 | 2130037 | 16670600 |
| 2021-11-17 | 526694 | 2184919 | 16678900 |
| 2021-11-24 | 529478 | 2180792 | 16677580 |
| 2021-12-01 | 546899 | 2205031 | 16753540 |
| 2021-12-08 | 520134 | 2212234 | 16767670 |
| 2021-12-15 | 468175 | 2242617 | 16655240 |
| 2021-12-22 | 465345 | 2254348 | 16757880 |
| 2021-12-29 | 470993 | 2268222 | 16805610 |
| 2022-01-05 | 473954 | 2187537 | 16989250 |
| 2022-01-12 | 502552 | 2246305 | 17047720 |
| 2022-01-19 | 536796 | 2239152 | 17083100 |
| 2022-01-26 | 567125 | 2218255 | 17099090 |
| 2022-02-02 | 575573 | 2226846 | 17210120 |
| 2022-02-09 | 589516 | 2221550 | 17238650 |
| 2022-02-16 | 573488 | 2250927 | 17314400 |
| 2022-02-23 | 587243 | 2264224 | 17318550 |
| 2022-03-02 | 567269 | 2275713 | 17426410 |
| 2022-03-09 | 531939 | 2274932 | 17416400 |
| 2022-03-16 | 511886 | 2255835 | 17426910 |
| 2022-03-23 | 517276 | 2276098 | 17423290 |
| 2022-03-30 | 494939 | 2281291 | 17417670 |
| 2022-04-06 | 497436 | 2237799 | 17492070 |
| 2022-04-13 | 514008 | 2234120 | 17472800 |
| 2022-04-20 | 516263 | 2241065 | 17487710 |
| 2022-04-27 | 549577 | 2182748 | 17475360 |
| 2022-05-04 | 541374 | 2198322 | 17500340 |
| 2022-05-11 | 570185 | 2204259 | 17468170 |
| 2022-05-18 | 566406 | 2261928 | 17491170 |
| 2022-05-25 | 571758 | 2316118 | 17461000 |
| 2022-06-01 | 556445 | 2239368 | 17531010 |
| 2022-06-08 | 529801 | 2262661 | 17498720 |
| 2022-06-15 | 533212 | 2254023 | 17539350 |
| 2022-06-22 | 528210 | 2275521 | 17507050 |
| 2022-06-29 | 491783 | 2254433 | 17504760 |
| 2022-07-06 | 509670 | 2216562 | 17560870 |
| 2022-07-13 | 542239 | 2187134 | 17538190 |
| 2022-07-20 | 536331 | 2226650 | 17572110 |
| 2022-07-27 | 561696 | 2188491 | 17603320 |
| 2022-08-03 | 579886 | 2195779 | 17665050 |
| 2022-08-10 | 587804 | 2183789 | 17709170 |
| 2022-08-17 | 572474 | 2219038 | 17787190 |
| 2022-08-24 | 580486 | 2245823 | 17811310 |
| 2022-08-31 | 561543 | 2227398 | 17975060 |
| 2022-09-07 | 564678 | 2270532 | 17985800 |
| 2022-09-14 | 588283 | 2253987 | 17985770 |
| 2022-09-21 | 570380 | 2282165 | 17978540 |
| 2022-09-28 | 604964 | 2246720 | 17971490 |
| 2022-10-05 | 579142 | 2151210 | 18049230 |
| 2022-10-12 | 578820 | 2133255 | 18047080 |
| 2022-10-19 | 554692 | 2086617 | 18129740 |
| 2022-10-26 | 575613 | 2105492 | 18152560 |
| 2022-11-02 | 582163 | 2112198 | 18191690 |
| 2022-11-09 | 567303 | 2095175 | 18226360 |
| 2022-11-16 | 563520 | 2148129 | 18291670 |
| 2022-11-23 | 607704 | 2169222 | 18351310 |
| 2022-11-30 | 585126 | 2151308 | 18432590 |
| 2022-12-07 | 574851 | 2190219 | 18419760 |
| 2022-12-14 | 564779 | 2208453 | 18362050 |
| 2022-12-21 | 543071 | 2192269 | 18403350 |
| 2022-12-28 | 551487 | 2283703 | 18390680 |
| 2023-01-04 | 576535 | 2248838 | 18467460 |
| 2023-01-11 | 608819 | 2251370 | 18463230 |
| 2023-01-18 | 647354 | 2251635 | 18506440 |
| 2023-01-25 | 654357 | 2231204 | 18676100 |
| 2023-02-01 | 661780 | 2200397 | 18725220 |
| 2023-02-08 | 653469 | 2239198 | 18784130 |
| 2023-02-15 | 666907 | 2223780 | 18853910 |
| 2023-02-22 | 686317 | 2250702 | 18909830 |
| 2023-03-01 | 694325 | 2288460 | 18941300 |
| 2023-03-08 | 697492 | 2276837 | 18973790 |
| 2023-03-15 | 725166 | 2336307 | 18977360 |
| 2023-03-22 | 689120 | 2411409 | 18951880 |
| 2023-03-29 | 698102 | 2415209 | 18941520 |
| 2023-04-05 | 689797 | 2367412 | 19076910 |
| 2023-04-12 | 700634 | 2355623 | 19045710 |
| 2023-04-19 | 690207 | 2384391 | 19013780 |
| 2023-04-26 | 700014 | 2348751 | 18993470 |
| 2023-05-03 | 707170 | 2390384 | 19022020 |
| 2023-05-10 | 714977 | 2389726 | 19045910 |
| 2023-05-17 | 715157 | 2408523 | 19072700 |
| 2023-05-24 | 739582 | 2435163 | 19096710 |
| 2023-05-31 | 738166 | 2466547 | 19157160 |
| 2023-06-07 | 685115 | 2483919 | 19300630 |
| 2023-06-14 | 695700 | 2415931 | 19358360 |
| 2023-06-21 | 699329 | 2410289 | 19502590 |
| 2023-06-28 | 700178 | 2377911 | 19635350 |
| 2023-07-05 | 697446 | 2291293 | 19835260 |
| 2023-07-12 | 697921 | 2308336 | 19952020 |
| 2023-07-19 | 676708 | 2321375 | 20019890 |
| 2023-07-26 | 651878 | 2277678 | 20073430 |
| 2023-08-02 | 652767 | 2333483 | 20119770 |
| 2023-08-09 | 674139 | 2285414 | 20158800 |
| 2023-08-16 | 650043 | 2285716 | 20238770 |
| 2023-08-23 | 665526 | 2282072 | 20310050 |
| 2023-08-30 | 685683 | 2313601 | 20405130 |
| 2023-09-06 | 720783 | 2354840 | 20517130 |
| 2023-09-13 | 689620 | 2305495 | 20582820 |
| 2023-09-20 | 668713 | 2334390 | 20696320 |
| 2023-09-27 | 710121 | 2345847 | 20737970 |
| 2023-10-04 | 676287 | 2314053 | 20858580 |
| 2023-10-11 | 694909 | 2323881 | 20930050 |
| 2023-10-18 | 654171 | 2294792 | 21023980 |
| 2023-10-25 | 668026 | 2300140 | 21065440 |
| 2023-11-01 | 710656 | 2314500 | 21125580 |
| 2023-11-08 | 695350 | 2326638 | 21211450 |
| 2023-11-15 | 690297 | 2369219 | 21240230 |
| 2023-11-22 | 720400 | 2364585 | 21299070 |
| 2023-11-29 | 729643 | 2389817 | 21356000 |
| 2023-12-06 | 726636 | 2408840 | 21447690 |
| 2023-12-13 | 708082 | 2412712 | 21446560 |
| 2023-12-20 | 696140 | 2462907 | 21507120 |
| 2023-12-27 | 701393 | 2509799 | 21513960 |
| 2024-01-03 | 698646 | 2552551 | 21644960 |
| 2024-01-10 | 710889 | 2468030 | 21654330 |
| 2024-01-17 | 723050 | 2453519 | 21684670 |
| 2024-01-24 | 744654 | 2446810 | 21711960 |
| 2024-01-31 | 802995 | 2511904 | 21812070 |
| 2024-02-07 | 770796 | 2466180 | 21868620 |
| 2024-02-14 | 759878 | 2454639 | 21921260 |
| 2024-02-21 | 771838 | 2440511 | 21982770 |
| 2024-02-28 | 757495 | 2502483 | 22063490 |
| 2024-03-06 | 795705 | 2500215 | 22196190 |
| 2024-03-13 | 800498 | 2512685 | 22228940 |
| 2024-03-20 | 793149 | 2486197 | 22312490 |
| 2024-03-27 | 799151 | 2564754 | 22319230 |
| 2024-04-03 | 802964 | 2585856 | 22431970 |
| 2024-04-10 | 811742 | 2500035 | 22383980 |
| 2024-04-17 | 796609 | 2503849 | 22385900 |
| 2024-04-24 | 798471 | 2459617 | 22355710 |
| 2024-05-01 | 764904 | 2501986 | 22395310 |
| 2024-05-08 | 792564 | 2516096 | 22369410 |
| 2024-05-15 | 789321 | 2575711 | 22390890 |
| 2024-05-22 | 781149 | 2594321 | 22413180 |
| 2024-05-29 | 790182 | 2640338 | 22428410 |
| 2024-06-05 | 792994 | 2688762 | 22571850 |
| 2024-06-12 | 836089 | 2682432 | 22543590 |
| 2024-06-19 | 817977 | 2722179 | 22551820 |
| 2024-06-26 | 803710 | 2693874 | 22560050 |
| 2024-07-03 | 801716 | 2702627 | 22695090 |
| 2024-07-10 | 823783 | 2679060 | 22705650 |
| 2024-07-17 | 832236 | 2655221 | 22783450 |
| 2024-07-24 | 856313 | 2688306 | 22826230 |
| 2024-07-31 | 819499 | 2662987 | 22944190 |
Note: The sample contains all primary dealers. Financing refers to financing for clients (securities borrowing, reverse repo, etc.). Treasury holdings of the SOMA portfolio are excluded from total UST outstanding. The shaded regions represent periods of balance sheet runoff spanning from Oct. 2017 − Jul. 2019 and Jun. 2022 − present.
Source: FR 2004A, FR 2004C, and Treasury Direct.
Figure 3: Projected Net change in Primary Dealer Positions and Financing and Total Treasuries Outstanding (excl. SOMA)
Billions of dollars
| Date | Change in Gross positions | Change in Financing | Change in Treasuries outstanding (excl. SOMA) |
|---|---|---|---|
| 2024-08-07 | 2550.01 | 4084.93 | 56304.35 |
| 2024-08-14 | 5100.03 | 8169.87 | 112608.70 |
| 2024-08-21 | 7650.04 | 12254.80 | 168913.04 |
| 2024-08-28 | 10200.06 | 16339.73 | 225217.39 |
| 2024-09-04 | 12750.07 | 20424.67 | 281521.74 |
| 2024-09-11 | 15300.09 | 24509.60 | 337826.09 |
| 2024-09-18 | 17850.10 | 28594.53 | 394130.43 |
| 2024-09-25 | 20400.12 | 32679.47 | 450434.78 |
| 2024-10-02 | 22777.83 | 36488.39 | 502934.78 |
| 2024-10-09 | 24724.80 | 39607.29 | 545923.91 |
| 2024-10-16 | 26671.78 | 42726.19 | 588913.04 |
| 2024-10-23 | 28618.75 | 45845.10 | 631902.17 |
| 2024-10-30 | 30565.72 | 48964.00 | 674891.30 |
| 2024-11-06 | 32512.69 | 52082.90 | 717880.43 |
| 2024-11-13 | 34459.66 | 55201.80 | 760869.57 |
| 2024-11-20 | 36406.63 | 58320.70 | 803858.70 |
| 2024-11-27 | 38353.60 | 61439.60 | 846847.83 |
| 2024-12-04 | 40300.57 | 64558.51 | 889836.96 |
| 2024-12-11 | 42247.54 | 67677.41 | 932826.09 |
| 2024-12-18 | 44194.51 | 70796.31 | 975815.22 |
Note: The sample contains all primary dealers. Financing refers to financing for clients (securities borrowing, reverse repo, etc.). Treasury holdings of the SOMA portfolio are excluded from total UST outstanding. We use the U.S. Department of the Treasury's projection of privately-held net marketable borrowing for the Jul. - Sep. 2024 quarter and the Oct. - Dec. 2024 quarter to approximate net changes in Treasuries Outstanding. We take this approximation as an input and estimate changes in dealers' positions and financing based on the relationships estimated over Jun. 2022 - Jul. 2024 as shown in Tables 2 and 3.
Source: FR 2004A, FR 2004C, Treasury Direct, and U.S. Department of the Treasury.
Figure 4: Primary Dealer Positions and Financing in Agency MBS vs Total Agency MBS Outstanding (excl. SOMA)
Billions of Dollars
| Date | Gross position | Financing | Agency MBS outstanding (excl. SOMA) |
|---|---|---|---|
| 2012-03 | 847900.25 | 533663.50 | 6819025.58 |
| 2012-04 | 868023.00 | 568917.75 | 6833003.76 |
| 2012-05 | 887005.00 | 587133.80 | 6846981.94 |
| 2012-06 | 894641.50 | 590364.25 | 6860960.11 |
| 2012-07 | 918036.25 | 584786.50 | 6865314.84 |
| 2012-08 | 889402.20 | 620867.40 | 6869669.56 |
| 2012-09 | 865993.25 | 620660.50 | 6874024.29 |
| 2012-10 | 940594.80 | 627060.60 | 6853542.96 |
| 2012-11 | 863275.00 | 673464.00 | 6833061.62 |
| 2012-12 | 801573.00 | 662619.75 | 6812580.29 |
| 2013-01 | 806810.80 | 593227.20 | 6751216.08 |
| 2013-02 | 821402.25 | 556982.25 | 6689851.88 |
| 2013-03 | 741301.75 | 545912.50 | 6628487.67 |
| 2013-04 | 745535.75 | 494850.25 | 6557745.59 |
| 2013-05 | 745483.40 | 506056.60 | 6487003.52 |
| 2013-06 | 703649.25 | 506373.50 | 6416261.44 |
| 2013-07 | 646309.40 | 463084.20 | 6386157.32 |
| 2013-08 | 592076.00 | 429904.50 | 6356053.20 |
| 2013-09 | 554235.25 | 423106.25 | 6325949.09 |
| 2013-10 | 574762.00 | 417093.20 | 6304874.79 |
| 2013-11 | 561029.25 | 428836.00 | 6283800.49 |
| 2013-12 | 523777.75 | 425114.75 | 6262726.19 |
| 2014-01 | 514103.60 | 375255.00 | 6235759.96 |
| 2014-02 | 521290.50 | 361884.75 | 6208793.73 |
| 2014-03 | 510597.25 | 369833.50 | 6181827.50 |
| 2014-04 | 539282.00 | 361336.60 | 6204129.70 |
| 2014-05 | 547112.75 | 369063.50 | 6226431.89 |
| 2014-06 | 526201.75 | 367543.50 | 6248734.09 |
| 2014-07 | 512994.00 | 355747.00 | 6243555.17 |
| 2014-08 | 504959.25 | 345672.25 | 6238376.25 |
| 2014-09 | 507808.00 | 346703.75 | 6233197.33 |
| 2014-10 | 545913.20 | 324348.40 | 6286921.20 |
| 2014-11 | 497467.25 | 321967.75 | 6340645.06 |
| 2014-12 | 454667.60 | 331006.40 | 6394368.92 |
| 2015-01 | 478770.00 | 308636.75 | 6402109.85 |
| 2015-02 | 493755.75 | 312529.25 | 6409850.78 |
| 2015-03 | 478815.75 | 317426.00 | 6417591.70 |
| 2015-04 | 516746.80 | 302964.80 | 6404954.91 |
| 2015-05 | 496610.25 | 297649.50 | 6392318.12 |
| 2015-06 | 468290.00 | 301757.00 | 6379681.33 |
| 2015-07 | 499660.60 | 289533.20 | 6425992.77 |
| 2015-08 | 514039.25 | 281566.75 | 6472304.21 |
| 2015-09 | 501653.40 | 265107.80 | 6518615.65 |
| 2015-10 | 516904.75 | 253992.75 | 6533239.71 |
| 2015-11 | 477930.00 | 265621.75 | 6547863.77 |
| 2015-12 | 447737.80 | 249463.20 | 6562487.83 |
| 2016-01 | 474754.00 | 254795.00 | 6596149.28 |
| 2016-02 | 530276.75 | 252716.50 | 6629810.72 |
| 2016-03 | 502374.20 | 234926.00 | 6663472.16 |
| 2016-04 | 468354.75 | 232425.00 | 6741490.01 |
| 2016-05 | 494916.00 | 228305.75 | 6819507.86 |
| 2016-06 | 557504.20 | 226894.40 | 6897525.71 |
| 2016-07 | 534698.25 | 224834.75 | 6928956.59 |
| 2016-08 | 561795.20 | 220641.20 | 6960387.47 |
| 2016-09 | 576486.75 | 226655.50 | 6991818.34 |
| 2016-10 | 578175.75 | 222388.25 | 6962277.42 |
| 2016-11 | 571799.40 | 213677.40 | 6932736.50 |
| 2016-12 | 534379.50 | 220201.50 | 6903195.58 |
| 2017-01 | 570825.25 | 222759.50 | 6913249.69 |
| 2017-02 | 578819.50 | 206690.75 | 6923303.80 |
| 2017-03 | 578259.80 | 204456.60 | 6933357.91 |
| 2017-04 | 585733.25 | 213864.00 | 6980324.77 |
| 2017-05 | 565666.20 | 218790.00 | 7027291.63 |
| 2017-06 | 598857.25 | 219368.25 | 7074258.48 |
| 2017-07 | 599992.75 | 222111.25 | 7108144.06 |
| 2017-08 | 625795.20 | 221271.00 | 7142029.63 |
| 2017-09 | 626553.00 | 217823.75 | 7175915.20 |
| 2017-10 | 644133.25 | 204762.25 | 7196343.28 |
| 2017-11 | 638419.20 | 198585.80 | 7216771.35 |
| 2017-12 | 626275.25 | 195005.75 | 7237199.42 |
| 2018-01 | 616121.40 | 209177.20 | 7193114.14 |
| 2018-02 | 645557.00 | 200923.00 | 7149028.87 |
| 2018-03 | 626603.25 | 203591.25 | 7104943.59 |
| 2018-04 | 625401.00 | 204700.00 | 7139062.21 |
| 2018-05 | 669703.80 | 205458.20 | 7173180.84 |
| 2018-06 | 643924.25 | 200521.50 | 7207299.47 |
| 2018-07 | 631754.00 | 211109.75 | 7217515.91 |
| 2018-08 | 630777.00 | 224945.00 | 7227732.35 |
| 2018-09 | 637221.25 | 231152.00 | 7237948.79 |
| 2018-10 | 643035.80 | 239118.80 | 7305273.28 |
| 2018-11 | 681292.50 | 245766.25 | 7372597.76 |
| 2018-12 | 667792.00 | 233128.25 | 7439922.24 |
| 2019-01 | 658737.00 | 229043.80 | 7499313.95 |
| 2019-02 | 637021.00 | 217674.00 | 7558705.66 |
| 2019-03 | 660214.75 | 225701.50 | 7618097.37 |
| 2019-04 | 656616.25 | 220352.50 | 7713652.80 |
| 2019-05 | 652165.60 | 228257.80 | 7809208.22 |
| 2019-06 | 633955.75 | 239346.00 | 7904763.64 |
| 2019-07 | 649872.00 | 252457.00 | 7989365.99 |
| 2019-08 | 690359.00 | 254797.75 | 8073968.35 |
| 2019-09 | 715081.50 | 245878.75 | 8158570.71 |
| 2019-10 | 713820.00 | 243982.80 | 8199615.38 |
| 2019-11 | 687445.75 | 270749.25 | 8240660.05 |
| 2019-12 | 692488.75 | 292102.25 | 8281704.72 |
| 2020-01 | 720108.00 | 268878.20 | 8491905.60 |
| 2020-02 | 771941.00 | 276116.00 | 8702106.49 |
| 2020-03 | 858398.50 | 267201.25 | 8912307.37 |
| 2020-04 | 917736.60 | 228358.00 | 8742486.95 |
| 2020-05 | 852102.00 | 203086.00 | 8572666.54 |
| 2020-06 | 804428.75 | 192475.00 | 8402846.12 |
| 2020-07 | 819693.20 | 188165.20 | 8392429.06 |
| 2020-08 | 788485.50 | 203171.50 | 8382012.00 |
| 2020-09 | 825307.40 | 222842.00 | 8371594.94 |
| 2020-10 | 803203.00 | 214033.25 | 8395974.89 |
| 2020-11 | 822045.75 | 224874.00 | 8420354.84 |
| 2020-12 | 868481.00 | 247200.20 | 8444734.80 |
| 2021-01 | 848733.00 | 230522.50 | 8402691.54 |
| 2021-02 | 804902.00 | 215657.75 | 8360648.29 |
| 2021-03 | 717951.40 | 187914.80 | 8318605.04 |
| 2021-04 | 710812.75 | 181620.25 | 8362249.21 |
| 2021-05 | 731747.50 | 175050.00 | 8405893.39 |
| 2021-06 | 712940.00 | 166193.00 | 8449537.56 |
| 2021-07 | 649228.50 | 161556.25 | 8467075.25 |
| 2021-08 | 653085.00 | 161273.25 | 8484612.94 |
| 2021-09 | 655145.40 | 163563.80 | 8502150.63 |
| 2021-10 | 629754.75 | 157653.00 | 8477955.65 |
| 2021-11 | 639956.50 | 168704.25 | 8453760.67 |
| 2021-12 | 646705.20 | 157172.80 | 8429565.69 |
| 2022-01 | 633737.50 | 146649.00 | 8291208.74 |
| 2022-02 | 606628.00 | 158930.75 | 8152851.80 |
| 2022-03 | 572175.00 | 163603.60 | 8014494.86 |
| 2022-04 | 522148.50 | 164177.25 | 7973843.21 |
| 2022-05 | 552214.75 | 165211.75 | 7933191.57 |
| 2022-06 | 570917.60 | 165088.20 | 7892539.93 |
| 2022-07 | 585561.75 | 158378.25 | 7824321.54 |
| 2022-08 | 616154.20 | 167855.00 | 7756103.16 |
| 2022-09 | 632874.75 | 187090.25 | 7687884.77 |
| 2022-10 | 652121.00 | 170024.00 | 7774198.86 |
| 2022-11 | 698624.40 | 168667.20 | 7860512.94 |
| 2022-12 | 780569.00 | 191132.75 | 7946827.03 |
| 2023-01 | 764471.25 | 190633.50 | 8115768.55 |
| 2023-02 | 749403.00 | 186415.00 | 8284710.06 |
| 2023-03 | 747587.40 | 212723.80 | 8453651.58 |
| 2023-04 | 787919.00 | 214227.50 | 8421081.33 |
| 2023-05 | 785691.80 | 215102.20 | 8388511.09 |
| 2023-06 | 781738.75 | 217967.75 | 8355940.85 |
| 2023-07 | 830281.50 | 208080.00 | 8273350.71 |
| 2023-08 | 869914.60 | 209789.60 | 8190760.58 |
| 2023-09 | 848921.00 | 231419.50 | 8108170.44 |
| 2023-10 | 855243.50 | 260498.50 | 8279275.29 |
| 2023-11 | 907348.20 | 257612.20 | 8450380.15 |
| 2023-12 | 949681.50 | 283717.00 | 8621485.00 |
| 2024-01 | 1017205.00 | 287395.00 | 8610584.44 |
| 2024-02 | 996799.75 | 278188.25 | 8599683.88 |
| 2024-03 | 1057282.25 | 280514.00 | 8588783.32 |
Note: The sample contains all primary dealers. Financing refers to financing for clients (securities borrowing, reverse repo, etc.). Agency MBS holdings of the SOMA portfolio are excluded from total Agency MBS outstanding. The shaded regions represent periods of balance sheet runoff spanning from Oct. 2017 - Jul. 2019 and Jun. 2022 - present.
Source: FR 2004A, FR 2004C, and Z.1 Financial Accounts of the United States.
Last Update:
October 22, 2024