US banks held $2.2trn of USTs on eve of tariff turmoil

- By Joshua Walker
- 28 May 2025

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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