Authors: Tobias Adrian, Michael J. Fleming, and Kleopatra Nikolaou
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Staff Reports
U.S. Treasury Market Functioning from the GFC to the Pandemic
Number 1146
April 2025
April 2025
JEL classification: G12, G24, G28
This article examines U.S. Treasury securities market functioning from the global financial crisis (GFC) through the Covid-19 pandemic given the ensuing market developments and associated policy responses. We describe the factors that have affected intermediaries, including regulatory changes, shifts in ownership patterns, and increased electronic trading. We also discuss their implications for market functioning in both normal times and times of stress. We find that alternative liquidity providers have stepped in as constraints on dealer liquidity provision have tightened, supporting liquidity during normal times, but with less clear effects at times of stress. We conclude with a brief discussion of more recent policy initiatives that are intended to promote market resilience.
Author Disclosure Statement(s)
Tobias Adrian
The author declares that he has no relevant or material financial interests that relate to the research described in this paper. Use of non-public FR 2004 data was subject to review by the Board of Governors of the Federal Reserve System and the Federal Reserve Bank of New York to ensure that these data are sufficiently aggregated and anonymized. The views expressed in this paper presents those of the authors, and do not necessarily represent the views of the International Monetary Fund, its Management, or its Executive Board.
Michael Fleming
The author declares that he has no relevant or material financial interests that relate to the research described in this paper. Use of non-public FR 2004 data was subject to review by the Board of Governors of the Federal Reserve System and the Federal Reserve Bank of New York to ensure that these data are sufficiently aggregated and anonymized. This paper was reviewed in accordance with the Federal Reserve Bank of New York review policy, available at https://www.newyorkfed.org/research/staff_reports/index.html.
Kleopatra Nikolaou
The author declares that she has no relevant or material financial interests that relate to the research described in this paper. Use of non-public FR 2004 data was subject to review by the Board of Governors of the Federal Reserve System and the Federal Reserve Bank of New York to ensure that these data are sufficiently aggregated and anonymized. The views expressed in this paper present those of the authors, and do not necessarily represent the views of the International Monetary Fund, its Management, or its Executive Board.
The author declares that he has no relevant or material financial interests that relate to the research described in this paper. Use of non-public FR 2004 data was subject to review by the Board of Governors of the Federal Reserve System and the Federal Reserve Bank of New York to ensure that these data are sufficiently aggregated and anonymized. The views expressed in this paper presents those of the authors, and do not necessarily represent the views of the International Monetary Fund, its Management, or its Executive Board.
Michael Fleming
The author declares that he has no relevant or material financial interests that relate to the research described in this paper. Use of non-public FR 2004 data was subject to review by the Board of Governors of the Federal Reserve System and the Federal Reserve Bank of New York to ensure that these data are sufficiently aggregated and anonymized. This paper was reviewed in accordance with the Federal Reserve Bank of New York review policy, available at https://www.newyorkfed.org/research/staff_reports/index.html.
Kleopatra Nikolaou
The author declares that she has no relevant or material financial interests that relate to the research described in this paper. Use of non-public FR 2004 data was subject to review by the Board of Governors of the Federal Reserve System and the Federal Reserve Bank of New York to ensure that these data are sufficiently aggregated and anonymized. The views expressed in this paper present those of the authors, and do not necessarily represent the views of the International Monetary Fund, its Management, or its Executive Board.
Suggested Citation:
Adrian, Tobias, Michael Fleming, and Kleopatra Nikolaou. 2025. “U.S. Treasury Market Functioning from the GFC to the Pandemic.” Federal Reserve Bank of New York Staff Reports, no. 1146, April. https://doi.org/10.59576/sr.1146
Adrian, Tobias, Michael Fleming, and Kleopatra Nikolaou. 2025. “U.S. Treasury Market Functioning from the GFC to the Pandemic.” Federal Reserve Bank of New York Staff Reports, no. 1146, April. https://doi.org/10.59576/sr.1146
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