Northern Trust buys $2.4bn of US Treasuries as rate-cut prospects rise

Additions to the 5–10 year portion of AFS book have been, for now, swapped to SOFR

Northern Trust added $2.4 billion worth of US Treasury notes to its book during the first quarter, which it then swapped to floating-rate coupons, in an ostensible bid to both cap duration and retain the opportunity to reap fair-value gains should the Federal Reserve ease monetary policy.

The custodian bank’s available-for-sale (AFS) Treasuries jumped 68.7% to $6.1 billion during the period.

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