Federal Reserve owns over 50% of bonds maturing in 10 to 15 years

The Federal Reserve is the majority holder of US Treasury bonds maturing in the 10-to-15-year window. That means the central bank, which is supposed to be a backstop for markets rather than the market itself, effectively controls the supply of one of the most important segments of the government debt curve. How we got here This concentration traces directly back to the Fed’s pandemic-era quantitative easing campaign, when the central bank hoovered up Treasuries at an unprecedented pace to keep borrowing costs low and financial markets functioning. At the peak, the Fed was buying roughly $80B in Treasuries per month, with a deliberate tilt toward longer-duration securities to push down long-term interest rates. As of mid-August 2026, the Fed holds approximately $4.54 trillion in total US Treasury securities. Of that, roughly $1.62 trillion sits in securities maturing beyond 10 years. The overall balance sheet clocks in at about $6.75 trillion, with Treasuries representing the bulk of assets. Quantitative tightening, the process of letting bonds roll off the balance sheet without replacement, has largely wound down. The Fed has been conducting limited reserve-management purchases sin...