Share of U.S. Treasuries by Holder Price Sensitivity

Percentage of Treasuries outstanding

Price-sensitive holders include households, nonfinancial businesses, insurance companies, pension funds, investment funds, broker-dealers, private foreign investors, and other yield-driven buyers. Price-insensitive holders include the Federal Reserve, banks, foreign governments and central banks, and other largely yield-indifferent buyers.
Chart: Benn Steil and Yuma SchusterSource: Federal Reserve Economic Data (FRED), Treasury International Capital (TIC), authors' calculations