TFTC(@TFTC21):Hedge fund Treasury holdings: $2.35 trillion, up 154% in 5 years. They now own a record ~7% of the marketable Treasury market. Why? The basis trade, arbing tiny price differences between cash bonds and futures using heavy leverage. Banks can't absorb enough new supply, so levered hedge funds are filling the gap. The US Treasury market is increasingly dependent on a crowded, leveraged trade to function. h/t @KobeissiLetter

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TFTC@TFTC21

2026.09.18 13:35

Hedge fund Treasury holdings: $2.35 trillion, up 154% in 5 years. They now own a record ~7% of the marketable Treasury market. Why? The basis trade, arbing tiny price differences between cash bonds and futures using heavy leverage. Banks can't absorb enough new supply, so levered hedge funds are filling the gap. The US Treasury market is increasingly dependent on a crowded, leveraged trade to function. h/t @KobeissiLetter