Accessible Version

Who Buys Treasuries When the Fed Reduces its Holdings, Accessible Data

Figure 1. Evolution of Fed’s SOMA Holdings

A line chart of securities (black line) and Treasury coupons held in SOMA (dashed red line). This is weekly data from the H.4.1 release, from May 2012 through May 2024. Shaded bars indicate periods of balance sheet reduction: October 2017 through September 2019 and June 2022 through May 2024. Total SOMA holdings begin close to 2.6 trillion in May 2012 and increase to 4.2 trillion by the end of 2014. They remain at this level until balance sheet reduction begins in 2017, when holdings decline to a low of 3.6 trillion in September 2019. They increase to 8.5 trillion by June 2022, then decline to 6.9 trillion by May 2024. Treasury coupon holdings begin at 1.6 trillion in 2012, increase to 2.3 trillion in 2014, then decline to 1.9 trillion between 2017 and 2019. They increase to 5.0 trillion by June 2022, then decline to 3.8 trillion by May 2024.

Trillions of dollars

Date Total SOMA holdings Treasury coupon holdings
5/2/2012 2.61 1.57
5/9/2012 2.61 1.57
5/16/2012 2.61 1.56
5/23/2012 2.62 1.56
5/30/2012 2.60 1.56
6/6/2012 2.61 1.57
6/13/2012 2.62 1.57
6/20/2012 2.62 1.57
6/27/2012 2.61 1.57
7/11/2012 2.61 1.57
7/18/2012 2.60 1.56
7/25/2012 2.60 1.57
8/1/2012 2.59 1.57
8/8/2012 2.60 1.57
8/15/2012 2.59 1.57
8/22/2012 2.58 1.56
8/29/2012 2.57 1.56
9/5/2012 2.58 1.57
9/12/2012 2.58 1.57
9/19/2012 2.58 1.56
9/26/2012 2.57 1.57
10/3/2012 2.57 1.57
10/10/2012 2.57 1.57
10/17/2012 2.60 1.58
10/24/2012 2.60 1.56
10/31/2012 2.58 1.56
11/7/2012 2.59 1.57
11/14/2012 2.63 1.57
11/21/2012 2.63 1.57
11/28/2012 2.61 1.56
12/5/2012 2.62 1.57
12/12/2012 2.67 1.58
12/19/2012 2.67 1.57
12/26/2012 2.66 1.57
1/2/2013 2.67 1.58
1/9/2013 2.68 1.59
1/16/2013 2.71 1.60
1/23/2013 2.75 1.61
1/30/2013 2.75 1.62
2/6/2013 2.76 1.63
2/13/2013 2.81 1.64
2/20/2013 2.84 1.65
2/27/2013 2.84 1.66
3/6/2013 2.85 1.67
3/13/2013 2.90 1.68
3/20/2013 2.94 1.69
3/27/2013 2.94 1.70
4/3/2013 2.95 1.72
4/10/2013 2.96 1.72
4/17/2013 3.02 1.73
4/24/2013 3.04 1.74
5/1/2013 3.04 1.76
5/8/2013 3.05 1.76
5/15/2013 3.09 1.77
5/22/2013 3.13 1.78
5/29/2013 3.12 1.79
6/5/2013 3.13 1.80
6/12/2013 3.14 1.81
6/19/2013 3.20 1.82
6/26/2013 3.21 1.83
7/3/2013 3.22 1.85
7/10/2013 3.23 1.86
7/17/2013 3.26 1.86
7/24/2013 3.30 1.87
7/31/2013 3.30 1.89
8/7/2013 3.31 1.90
8/14/2013 3.37 1.90
8/21/2013 3.38 1.91
8/28/2013 3.38 1.92
9/4/2013 3.39 1.93
9/11/2013 3.40 1.94
9/18/2013 3.46 1.95
9/25/2013 3.47 1.96
10/2/2013 3.48 1.98
10/9/2013 3.49 1.99
10/16/2013 3.54 1.99
10/23/2013 3.57 2.00
10/30/2013 3.57 2.02
11/6/2013 3.58 2.02
11/13/2013 3.63 2.03
11/20/2013 3.64 2.05
11/27/2013 3.66 2.06
12/4/2013 3.67 2.07
12/11/2013 3.73 2.08
12/18/2013 3.74 2.09
1/8/2014 3.76 2.11
1/15/2014 3.80 2.11
1/22/2014 3.83 2.13
1/29/2014 3.83 2.14
2/5/2014 3.84 2.15
2/12/2014 3.84 2.15
2/19/2014 3.89 2.16
2/26/2014 3.90 2.17
3/5/2014 3.91 2.18
3/12/2014 3.92 2.19
3/19/2014 3.96 2.20
3/26/2014 3.96 2.20
4/2/2014 3.97 2.21
4/9/2014 3.98 2.22
4/16/2014 4.02 2.23
4/23/2014 4.03 2.23
4/30/2014 4.03 2.24
5/7/2014 4.03 2.24
5/14/2014 4.06 2.25
5/21/2014 4.07 2.26
5/28/2014 4.06 2.26
6/4/2014 4.07 2.27
6/11/2014 4.08 2.27
6/18/2014 4.10 2.28
6/25/2014 4.10 2.28
7/2/2014 4.11 2.29
7/9/2014 4.12 2.30
7/16/2014 4.13 2.30
7/23/2014 4.14 2.30
7/30/2014 4.14 2.31
8/6/2014 4.14 2.31
8/13/2014 4.16 2.31
8/20/2014 4.15 2.32
8/27/2014 4.16 2.32
9/3/2014 4.16 2.32
9/10/2014 4.16 2.33
9/17/2014 4.19 2.33
9/24/2014 4.19 2.33
10/1/2014 4.19 2.34
10/8/2014 4.19 2.34
10/15/2014 4.21 2.34
10/22/2014 4.21 2.34
10/29/2014 4.22 2.35
11/5/2014 4.22 2.35
11/12/2014 4.22 2.35
11/19/2014 4.24 2.35
11/26/2014 4.23 2.35
12/3/2014 4.23 2.35
12/10/2014 4.23 2.35
12/17/2014 4.24 2.35
12/24/2014 4.25 2.35
12/31/2014 4.24 2.35
1/7/2015 4.24 2.35
1/14/2015 4.25 2.35
1/21/2015 4.25 2.35
1/28/2015 4.24 2.35
2/4/2015 4.24 2.35
2/11/2015 4.24 2.35
2/18/2015 4.25 2.35
2/25/2015 4.24 2.35
3/4/2015 4.24 2.35
3/11/2015 4.24 2.35
3/18/2015 4.24 2.35
3/25/2015 4.23 2.35
4/1/2015 4.23 2.35
4/8/2015 4.23 2.35
4/15/2015 4.23 2.35
4/22/2015 4.23 2.35
4/29/2015 4.21 2.35
5/6/2015 4.21 2.35
5/13/2015 4.24 2.35
5/20/2015 4.23 2.35
5/27/2015 4.22 2.35
6/3/2015 4.22 2.35
6/10/2015 4.22 2.35
6/17/2015 4.24 2.35
6/24/2015 4.24 2.35
7/1/2015 4.23 2.35
7/8/2015 4.23 2.35
7/15/2015 4.24 2.35
7/22/2015 4.25 2.35
7/29/2015 4.23 2.35
8/5/2015 4.23 2.35
8/12/2015 4.23 2.35
8/19/2015 4.24 2.35
8/26/2015 4.23 2.35
9/2/2015 4.23 2.35
9/9/2015 4.23 2.35
9/16/2015 4.24 2.35
9/23/2015 4.25 2.35
9/30/2015 4.24 2.35
10/7/2015 4.24 2.35
10/14/2015 4.25 2.35
10/21/2015 4.25 2.35
10/28/2015 4.24 2.35
11/4/2015 4.24 2.35
11/18/2015 4.25 2.35
11/25/2015 4.24 2.35
12/2/2015 4.24 2.35
12/9/2015 4.24 2.35
12/16/2015 4.25 2.35
12/23/2015 4.25 2.35
12/30/2015 4.24 2.35
1/6/2016 4.24 2.35
1/13/2016 4.25 2.35
1/20/2016 4.24 2.35
1/27/2016 4.24 2.35
2/3/2016 4.24 2.35
2/10/2016 4.24 2.35
2/17/2016 4.25 2.35
2/24/2016 4.25 2.35
3/2/2016 4.24 2.34
3/9/2016 4.24 2.34
3/16/2016 4.25 2.34
3/23/2016 4.25 2.34
3/30/2016 4.24 2.34
4/6/2016 4.24 2.34
4/13/2016 4.26 2.34
4/20/2016 4.25 2.34
4/27/2016 4.23 2.34
5/4/2016 4.23 2.34
5/11/2016 4.23 2.34
5/18/2016 4.24 2.34
5/25/2016 4.23 2.34
6/1/2016 4.23 2.34
6/8/2016 4.23 2.34
6/15/2016 4.24 2.34
6/22/2016 4.25 2.34
6/29/2016 4.23 2.34
7/6/2016 4.23 2.34
7/13/2016 4.23 2.34
7/20/2016 4.24 2.34
7/27/2016 4.23 2.34
8/3/2016 4.23 2.34
8/10/2016 4.23 2.34
8/17/2016 4.24 2.34
8/24/2016 4.25 2.34
8/31/2016 4.23 2.34
9/7/2016 4.23 2.34
9/14/2016 4.25 2.34
9/21/2016 4.24 2.34
9/28/2016 4.22 2.34
10/5/2016 4.22 2.34
10/12/2016 4.22 2.34
10/19/2016 4.23 2.34
10/26/2016 4.22 2.34
11/2/2016 4.22 2.34
11/9/2016 4.22 2.34
11/16/2016 4.23 2.34
11/23/2016 4.24 2.34
11/30/2016 4.22 2.34
12/7/2016 4.22 2.34
12/14/2016 4.24 2.34
12/21/2016 4.24 2.34
12/28/2016 4.22 2.34
1/4/2017 4.22 2.34
1/11/2017 4.22 2.34
1/18/2017 4.23 2.34
1/25/2017 4.22 2.34
2/1/2017 4.22 2.34
2/8/2017 4.22 2.34
2/15/2017 4.24 2.34
2/22/2017 4.25 2.34
3/1/2017 4.24 2.34
3/8/2017 4.24 2.34
3/15/2017 4.25 2.34
3/22/2017 4.25 2.34
3/29/2017 4.25 2.34
4/5/2017 4.25 2.34
4/12/2017 4.26 2.34
4/19/2017 4.25 2.34
4/26/2017 4.25 2.34
5/3/2017 4.25 2.34
5/10/2017 4.25 2.34
5/17/2017 4.25 2.34
5/24/2017 4.25 2.34
5/31/2017 4.24 2.34
6/7/2017 4.24 2.34
6/14/2017 4.26 2.34
6/21/2017 4.25 2.34
6/28/2017 4.24 2.34
7/5/2017 4.24 2.34
7/12/2017 4.24 2.34
7/19/2017 4.25 2.34
7/26/2017 4.24 2.34
8/2/2017 4.24 2.34
8/9/2017 4.24 2.34
8/16/2017 4.25 2.34
8/23/2017 4.25 2.34
8/30/2017 4.24 2.34
9/6/2017 4.24 2.34
9/13/2017 4.25 2.34
9/20/2017 4.24 2.34
9/27/2017 4.24 2.34
10/4/2017 4.24 2.34
10/11/2017 4.24 2.34
10/18/2017 4.25 2.34
10/25/2017 4.24 2.34
11/1/2017 4.24 2.33
11/8/2017 4.24 2.33
11/15/2017 4.24 2.33
11/22/2017 4.24 2.33
11/29/2017 4.23 2.33
12/6/2017 4.23 2.32
12/13/2017 4.24 2.32
12/20/2017 4.23 2.32
12/27/2017 4.22 2.32
1/3/2018 4.22 2.32
1/10/2018 4.22 2.32
1/17/2018 4.22 2.32
1/24/2018 4.22 2.32
1/31/2018 4.20 2.31
2/7/2018 4.20 2.31
2/14/2018 4.21 2.31
2/21/2018 4.21 2.30
2/28/2018 4.19 2.29
3/7/2018 4.19 2.29
3/14/2018 4.20 2.29
3/21/2018 4.19 2.29
3/28/2018 4.18 2.29
4/4/2018 4.17 2.28
4/11/2018 4.17 2.28
4/18/2018 4.17 2.28
4/25/2018 4.16 2.28
5/2/2018 4.14 2.26
5/9/2018 4.14 2.26
5/16/2018 4.14 2.25
5/23/2018 4.14 2.25
5/30/2018 4.13 2.25
6/6/2018 4.12 2.24
6/13/2018 4.12 2.24
6/20/2018 4.11 2.24
6/27/2018 4.10 2.24
7/11/2018 4.08 2.22
7/18/2018 4.08 2.22
7/25/2018 4.07 2.22
8/1/2018 4.05 2.20
8/8/2018 4.05 2.20
8/15/2018 4.03 2.19
8/22/2018 4.03 2.19
8/29/2018 4.02 2.19
9/5/2018 4.01 2.18
9/12/2018 4.01 2.18
9/19/2018 4.01 2.18
9/26/2018 4.00 2.18
10/3/2018 3.98 2.16
10/10/2018 3.98 2.16
10/17/2018 3.98 2.16
10/24/2018 3.97 2.16
10/31/2018 3.94 2.13
11/7/2018 3.94 2.13
11/14/2018 3.94 2.13
11/21/2018 3.92 2.12
11/28/2018 3.91 2.12
12/5/2018 3.90 2.10
12/12/2018 3.90 2.10
12/19/2018 3.89 2.10
12/26/2018 3.88 2.10
1/2/2019 3.86 2.08
1/9/2019 3.86 2.08
1/16/2019 3.86 2.08
1/23/2019 3.85 2.08
1/30/2019 3.84 2.08
2/6/2019 3.83 2.07
2/13/2019 3.83 2.07
2/20/2019 3.80 2.05
2/27/2019 3.79 2.05
3/6/2019 3.79 2.04
3/13/2019 3.79 2.04
3/20/2019 3.78 2.04
3/27/2019 3.77 2.04
4/3/2019 3.75 2.02
4/10/2019 3.75 2.02
4/17/2019 3.74 2.02
4/24/2019 3.74 2.02
5/1/2019 3.70 1.99
5/8/2019 3.70 1.99
5/15/2019 3.69 1.98
5/22/2019 3.68 1.98
5/29/2019 3.67 1.98
6/5/2019 3.67 1.97
6/12/2019 3.67 1.97
6/19/2019 3.66 1.97
6/26/2019 3.65 1.97
7/3/2019 3.63 1.96
7/10/2019 3.63 1.96
7/17/2019 3.62 1.95
7/24/2019 3.62 1.95
7/31/2019 3.59 1.94
8/7/2019 3.59 1.94
8/14/2019 3.60 1.94
8/21/2019 3.59 1.95
8/28/2019 3.59 1.95
9/4/2019 3.59 1.95
9/11/2019 3.59 1.96
9/18/2019 3.59 1.96
9/25/2019 3.58 1.96
10/2/2019 3.59 1.97
10/9/2019 3.59 1.97
10/16/2019 3.59 1.97
10/23/2019 3.61 1.98
10/30/2019 3.62 1.98
11/6/2019 3.64 1.98
11/13/2019 3.65 1.98
11/20/2019 3.66 1.99
11/27/2019 3.67 1.99
12/4/2019 3.69 2.00
12/11/2019 3.71 2.00
12/18/2019 3.73 2.00
1/8/2020 3.76 2.01
1/15/2020 3.77 2.01
1/22/2020 3.78 2.02
1/29/2020 3.80 2.02
2/5/2020 3.82 2.03
2/12/2020 3.84 2.03
2/19/2020 3.84 2.03
2/26/2020 3.85 2.04
3/4/2020 3.88 2.04
3/11/2020 3.90 2.04
3/18/2020 4.01 2.15
3/25/2020 4.37 2.46
4/1/2020 4.80 2.79
4/8/2020 5.10 3.06
4/15/2020 5.36 3.21
4/22/2020 5.53 3.31
4/29/2020 5.58 3.37
5/6/2020 5.63 3.41
5/13/2020 5.84 3.44
5/20/2020 5.95 3.47
5/27/2020 5.95 3.49
6/3/2020 5.97 3.51
6/10/2020 5.99 3.53
6/17/2020 6.09 3.54
6/24/2020 6.14 3.57
7/1/2020 6.13 3.58
7/8/2020 6.15 3.60
7/15/2020 6.20 3.63
7/22/2020 6.24 3.64
7/29/2020 6.23 3.66
8/5/2020 6.24 3.67
8/12/2020 6.26 3.68
8/19/2020 6.33 3.71
8/26/2020 6.31 3.72
9/2/2020 6.34 3.74
9/9/2020 6.35 3.75
9/16/2020 6.41 3.76
9/23/2020 6.46 3.78
9/30/2020 6.43 3.79
10/7/2020 6.45 3.81
10/14/2020 6.53 3.83
10/21/2020 6.56 3.85
10/28/2020 6.53 3.86
11/4/2020 6.54 3.87
11/18/2020 6.64 3.92
11/25/2020 6.61 3.93
12/2/2020 6.62 3.94
12/9/2020 6.64 3.95
12/16/2020 6.74 3.98
12/23/2020 6.77 4.00
12/30/2020 6.73 4.01
1/6/2021 6.74 4.02
1/13/2021 6.77 4.04
1/20/2021 6.85 4.06
1/27/2021 6.84 4.08
2/3/2021 6.84 4.09
2/10/2021 6.87 4.11
2/17/2021 7.00 4.13
2/24/2021 7.03 4.15
3/3/2021 7.00 4.17
3/10/2021 7.02 4.19
3/17/2021 7.14 4.21
3/24/2021 7.16 4.22
3/31/2021 7.13 4.24
4/7/2021 7.15 4.25
4/14/2021 7.22 4.26
4/21/2021 7.25 4.30
4/28/2021 7.21 4.31
5/5/2021 7.23 4.33
5/12/2021 7.25 4.34
5/19/2021 7.35 4.36
5/26/2021 7.33 4.37
6/2/2021 7.37 4.40
6/9/2021 7.38 4.41
6/16/2021 7.48 4.43
6/23/2021 7.52 4.43
6/30/2021 7.51 4.45
7/7/2021 7.52 4.47
7/14/2021 7.63 4.48
7/21/2021 7.67 4.51
7/28/2021 7.65 4.53
8/4/2021 7.66 4.54
8/11/2021 7.69 4.57
8/18/2021 7.79 4.58
8/25/2021 7.79 4.60
9/1/2021 7.81 4.62
9/8/2021 7.81 4.63
9/15/2021 7.91 4.64
9/22/2021 7.95 4.66
9/29/2021 7.93 4.68
10/6/2021 7.95 4.69
10/13/2021 7.96 4.71
10/20/2021 8.05 4.74
10/27/2021 8.04 4.75
11/3/2021 8.06 4.77
11/10/2021 8.15 4.79
11/17/2021 8.18 4.81
11/24/2021 8.19 4.81
12/1/2021 8.17 4.82
12/8/2021 8.18 4.83
12/15/2021 8.27 4.86
12/22/2021 8.30 4.87
12/29/2021 8.27 4.87
1/5/2022 8.28 4.87
1/12/2022 8.30 4.90
1/19/2022 8.38 4.92
1/26/2022 8.38 4.94
2/2/2022 8.39 4.94
2/9/2022 8.40 4.95
2/16/2022 8.45 4.95
2/23/2022 8.46 4.95
3/2/2022 8.44 4.96
3/9/2022 8.45 4.96
3/16/2022 8.49 4.97
3/23/2022 8.50 4.97
3/30/2022 8.48 4.97
4/6/2022 8.48 4.96
4/13/2022 8.50 4.96
4/20/2022 8.50 4.98
4/27/2022 8.48 4.98
5/4/2022 8.48 4.98
5/11/2022 8.48 4.98
5/18/2022 8.50 4.98
5/25/2022 8.48 4.98
6/1/2022 8.48 4.97
6/8/2022 8.48 4.97
6/15/2022 8.49 4.96
6/22/2022 8.49 4.96
6/29/2022 8.48 4.96
7/6/2022 8.46 4.94
7/13/2022 8.46 4.94
7/20/2022 8.46 4.94
7/27/2022 8.45 4.94
8/3/2022 8.44 4.92
8/10/2022 8.44 4.92
8/17/2022 8.43 4.90
8/24/2022 8.43 4.90
8/31/2022 8.41 4.89
9/7/2022 8.40 4.89
9/14/2022 8.41 4.89
9/21/2022 8.39 4.88
9/28/2022 8.37 4.88
10/5/2022 8.33 4.85
10/12/2022 8.33 4.85
10/19/2022 8.31 4.83
10/26/2022 8.29 4.83
11/2/2022 8.26 4.80
11/9/2022 8.26 4.80
11/16/2022 8.21 4.76
11/23/2022 8.21 4.76
11/30/2022 8.18 4.74
12/7/2022 8.18 4.74
12/14/2022 8.17 4.74
12/21/2022 8.16 4.73
12/28/2022 8.14 4.73
1/4/2023 8.10 4.69
1/11/2023 8.10 4.69
1/18/2023 8.08 4.67
1/25/2023 8.06 4.67
2/1/2023 8.02 4.64
2/8/2023 8.02 4.64
2/15/2023 7.99 4.60
2/22/2023 7.99 4.60
3/1/2023 7.95 4.57
3/8/2023 7.95 4.57
3/15/2023 7.94 4.57
3/22/2023 7.94 4.57
3/29/2023 7.93 4.57
4/5/2023 7.88 4.52
4/12/2023 7.88 4.52
4/19/2023 7.86 4.52
4/26/2023 7.84 4.52
5/3/2023 7.80 4.47
5/10/2023 7.80 4.47
5/17/2023 7.77 4.44
5/24/2023 7.77 4.44
5/31/2023 7.72 4.41
6/7/2023 7.72 4.41
6/14/2023 7.72 4.41
6/21/2023 7.70 4.40
6/28/2023 7.69 4.40
7/5/2023 7.65 4.36
7/12/2023 7.64 4.36
7/19/2023 7.62 4.35
7/26/2023 7.60 4.35
8/2/2023 7.57 4.32
8/9/2023 7.57 4.32
8/16/2023 7.53 4.27
8/23/2023 7.52 4.27
8/30/2023 7.51 4.27
9/6/2023 7.49 4.25
9/13/2023 7.48 4.25
9/20/2023 7.46 4.24
9/27/2023 7.44 4.24
10/4/2023 7.41 4.22
10/11/2023 7.41 4.22
10/18/2023 7.40 4.20
10/25/2023 7.38 4.20
11/1/2023 7.34 4.16
11/8/2023 7.34 4.16
11/15/2023 7.31 4.13
11/22/2023 7.30 4.13
11/29/2023 7.29 4.13
12/6/2023 7.26 4.10
12/13/2023 7.26 4.10
12/20/2023 7.24 4.09
12/27/2023 7.22 4.09
1/3/2024 7.19 4.06
1/10/2024 7.19 4.06
1/17/2024 7.16 4.04
1/24/2024 7.15 4.04
1/31/2024 7.11 4.01
2/7/2024 7.11 4.01
2/14/2024 7.11 4.01
2/21/2024 7.08 3.98
2/28/2024 7.07 3.98
3/6/2024 7.04 3.95
3/13/2024 7.03 3.95
3/20/2024 7.02 3.95
3/27/2024 7.01 3.95
4/3/2024 6.97 3.91
4/10/2024 6.97 3.91
4/17/2024 6.93 3.88
4/24/2024 6.93 3.88
5/1/2024 6.89 3.86
5/8/2024 6.89 3.86
5/15/2024 6.86 3.83

Note: Shaded bars indicate two balance sheet reduction periods. The first is between October 2017 and September 2019; the second is between June 2022 and May 2024.

Source: Board of Governors of the Federal Reserve System, Factors Affecting Reserve Balances, https://www.federalreserve.gov/releases/h41/

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Figure 2. Balance Sheet Timeline

A timeline that illustrates the time periods (pre-COVID, COVID, and post-COVID) and balance sheet phases (LSAPs, reinvestments, reduction, and organic growth) used in our regression. The start and end dates are displayed in the below table.

Start Quarter End Quarter Time Period/Phase
2012-Q4 2019-Q4 Pre-COVID
2020-Q1 2020-Q2 COVID
2020-Q3 2023-Q2 Post-COVID
2012-Q4 2014-Q4 LSAPs
2015-Q1 2017-Q3 Reinvestments
2017-Q4 2019-Q3 Reduction
2019-Q4 2019-Q4 Organic Growth
2020-Q1 2022-Q1 LSAPs
2022-Q2 2022-Q2 Reinvestments
2022-Q3 2023-Q2 Reduction

Note: During the “reinvestments” phase, the Fed replaces all maturing securities by purchasing an equal amount of newly issued securities. During the “organic growth” phase, the Fed purchases securities in order to ensure an ample supply of reserves.

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Figure 3. Treasury Security Holdings of Households and Hedge Funds

An overlapping area chart that illustrates domestic and foreign hedge fund holdings of Treasury securities, depicted in dark and light blue, respectively. Household Treasury holdings are shown in an overlaid bold black line. This is quarterly data from 2012-Q4 through 2023-Q2.

Billions of dollars

Quarter Households Foreign hedge funds Domestic hedge funds
2012-Q4 981.49 534.67 119.82
2013-Q1 966.81 612.15 143.07
2013-Q2 869.48 511.07 153.25
2013-Q3 836.74 528.07 145.34
2013-Q4 724.42 500.27 157.24
2014-Q1 647.31 511.82 167.18
2014-Q2 542.39 453.58 169.70
2014-Q3 488.72 527.61 182.93
2014-Q4 505.89 486.04 173.90
2015-Q1 627.60 554.25 200.67
2015-Q2 609.77 539.51 188.29
2015-Q3 816.34 560.42 183.17
2015-Q4 813.21 527.54 173.83
2016-Q1 940.94 572.19 182.64
2016-Q2 998.69 661.66 206.48
2016-Q3 979.41 668.41 202.28
2016-Q4 896.66 592.84 204.64
2017-Q1 871.08 613.43 197.14
2017-Q2 916.80 582.28 175.34
2017-Q3 836.44 601.11 176.90
2017-Q4 849.32 579.48 198.63
2018-Q1 1000.57 551.51 196.75
2018-Q2 1081.33 680.75 211.55
2018-Q3 1253.16 746.72 212.24
2018-Q4 1390.79 865.61 213.01
2019-Q1 1543.93 985.72 220.75
2019-Q2 1700.38 1121.01 243.22
2019-Q3 1750.83 1045.88 258.07
2019-Q4 1588.96 991.75 234.82
2020-Q1 1431.06 995.05 212.96
2020-Q2 1290.41 798.98 190.01
2020-Q3 1280.84 833.45 196.78
2020-Q4 1331.34 763.22 150.24
2021-Q1 868.58 675.59 137.93
2021-Q2 691.05 727.10 144.79
2021-Q3 812.68 813.71 151.35
2021-Q4 611.04 787.02 164.54
2022-Q1 833.45 881.36 187.52
2022-Q2 845.39 940.98 193.38
2022-Q3 1240.65 894.36 192.63
2022-Q4 1634.12 921.16 173.19
2023-Q1 2153.34 1008.64 189.63
2023-Q2 2307.03 1214.22 195.72

Source: Board of Governors of the Federal Reserve System, Financial Accounts of the United States, https://www.federalreserve.gov/releases/z1/ Board of Governors of the Federal Reserve System, Financial Accounts of the United States - Z.1 - Enhanced Financial Accounts, https://www.federalreserve.gov/releases/efa/enhanced-financial-accounts.htm.

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Last Update: June 13, 2024