The market for U.S. Treasurys is regulated by no fewer than five federal entities
As much of the U.S. economy struggles with the burden of rising interest rates, many top investors are questioning the wisdom of buying U.S. Treasurys — even though they are paying yields not seen in more than a generation.
Big-name investors like Dalio are not the only ones concerned about the state of the Treasury BX:TMUBMUSD10Y market and the supply of new bonds set to hit the market in coming years if Congress can’t cut the budget deficit.
‘Much work to be done’ The market for U.S. Treasurys is regulated by no fewer than five entities: the Federal Reserve Board, the Federal Reserve Bank of New York, the Securities and Exchange Commission, the Commodity Futures Trading Commission and the Treasury Department itself. Yadav said these proposals are welcome but insufficient “relative to what’s happening in the market, which is bearing enormous strains on a continuous basis.”
“The trillion-dollar Treasury market, which is the foundation for all other financial trades, was lurching up and down in stomach-churning spasms,” wrote financial historian Adam Tooze in his analysis of the COVID crisis. “On the terminal screens prices danced erratically. Or, even worse, there were no buyers at all.”
The rise of electronic trading over the past 15 years has revolutionized the Treasury market, as high-frequency-trading companies deploying sophisticated algorithms have taken business from primary-dealer banks. That’s in part because post-financial-crisis regulations have limited banks’ ability to house risk on their balance sheets and in part because the size of the national debt has grown significantly.
The first would require more securities companies to register with the government as Treasury dealers, while another seeks to require a larger share of government-bond trades to be centrally cleared. A third proposal would tighten requirements on electronic platforms traders use to submit bids and offers.
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