The Hitchhiker’s Guide to the Treasury Market: An in-depth overview of the US Government securities market

Research evidence excerpt

The Hitchhiker’s Guide to the Treasury Market: An in-depth overview of the US Government securities market

J P M O R G A N Global Markets Strategy

21 July 2026

The Hitchhiker’s Guide to the

Treasury Market

An in-depth overview of the US Government securities

market

Fixed Income Strategy

Jay Barry AC

(1-212) 834-4951

john.f.barry@jpmorgan.com

Teresa Ho

• The US Treasury market remains the largest and deepest fixed income market (1-212)teresa.c.ho@jpmorgan.com834-5087

in the world: as of June 2026 outstanding marketable debt totaled $31.1tn,

Pankaj Vohra representing more than a third of the US fixed income market

(1-212) 834 5292

• We provide an in-depth look at the Treasury market, focusing on the auction pankaj.x.vohra@jpmchase.com

process, the types of securities issued by Treasury, the drivers of Treasury Harry Downie

yields, as well as relative-value trading strategies in the Treasury market. We (1-212) 270-9500

also discuss recent developments in market structure and liquidity harry.j.downie@jpmorgan.com

Liam L Wash

• The repo market plays a pivotal role in maintaining liquidity in the US fixed (1-212) 834-5230

income markets, particularly Treasuries. We provide an overview of the liam.wash@jpmchase.com

market, discuss recent developments, centrally cleared repo, and explain Amanda Berke

specialness and fails (1-212) 834-5739

• Treasury’s debt management strategy aims to finance the federal government amanda.berke@jpmorgan.com

at the lowest cost to the taxpayer over time. To that end, one element of Molly Herckis

Treasury’s financing strategy is to be a “regular and predictable” borrower, (1-212) 622-0899

molly.herckis@jpmchase.com

maintaining relatively stable auction sizes and bringing new issues to market J.P. Morgan Securities LLC

with a set frequency.