It's a buyer's market
22 June 2026
Most of the U.S. Treasury market conversation right now is about supply. How many bonds/bills are being issued, what duration, whether the deficit trajectory is sustainable. But we think the more interesting question is sitting on the other side of that trade: Who is actually buying this stuff? And as the composition of that buyer base changes, how should we think about yield risk? We think it does matter and the shift is bigger than most people realize.
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