The Hitchhiker's Guide to the Treasury Market: A J.P. Morgan Research Primer

Key Takeaways

• 1.The US Treasury market is the largest and deepest fixed income market, with $31.1tn in outstanding marketable debt as of June 2026.
• 2.Treasury market ownership has shifted away from price-insensitive investors (Fed, foreign, banks) toward more active investors (MMFs, asset managers, hedge funds).
• 3.Market liquidity has improved from 2023 lows due to decreased volatility, increased trading activity, and Treasury's buyback program.

Table of Contents

• Introduction
• Repurchase agreements
• Centrally Cleared Repo
• Supply process
• The announcement and when-issue trading
• Treasury auction mechanics
• Who participates at auctions?
• Treasury buyback program
• Product overview
• Key drivers of yields
• Estimating investor positions in Treasuries
• Relative value
• Market structure and liquidity

Report data

The Treasury market has more than doubled in size over the past decade — as of June 30, 2026.