Who holds US Treasury bonds?
Private investors sensitive to interest rates have replaced public buyers who were indifferent to prices. This is why the buffer to withstand interest rate spikes has thinned.
10 years agoPrivate approx. 50%
Private
Fed, foreign public institutions, etc.
$15 trillion
Increase in circulating Treasury bonds over the past 10 years
$14 trillion
Share absorbed by private investors
Source: Barclays (re-cited from New York office local information)