US banks lose appetite for Treasuries as G-Sibs turn to trading book
Two-year surge in non-trading USTs plateaus as HFT bonds tick up
The two-year expansion in US banks’ banking book Treasury holdings stalled in the last quarter of 2025, as lenders diverged on how and where to add exposure.
Across 56 reporting banks, US Treasuries booked as held-to-maturity (HTM) shrank by 4.9% to $467.2 billion. Over the past two years, this decline had been offset by growth in the available-for-sale (AFS) portfolios. In Q4, however, these
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