US banks held $2.2trn of USTs on eve of tariff turmoil
AFS holdings hit record $1.04 trillion days before Trump’s tariff announcement pushed Treasury yields higher
As of March 31, just days before US president Donald Trump’s tariff announcement sparked a sharp selloff in government bonds, the largest US banks held $1.77 trillion in US Treasuries marked at fair value – exposing them to balance sheet pain.
The figure, which includes securities classified as available-for-sale (AFS) and held-for-trading (HFT), rose 1% in the first quarter across 53 banks
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