What are United States primary dealer Treasury bond positions?

They represent the net holdings and short positions of major financial institutions that trade directly with the Federal Reserve in open market operations, reflecting how much debt market makers carry on their balance sheets.

How frequently is this United States primary dealer report published and what is its history?

The data is published weekly by the Federal Reserve Bank of New York using Form FR 2004 statistics, with historical series starting in 2024.

Which security types and maturities are covered in the table?

The table covers Treasury bills, seven residual maturity brackets for coupon securities, floating-rate notes, and four TIPS brackets, alongside agency debt, mortgage-backed securities, and corporate debt.

Why do analysts monitor primary dealer Treasury positions in the United States?

An expansion in Treasury positions often indicates that end-investors have absorbed insufficient primary issuance, requiring dealers to take on more debt and highlighting market friction and balance-sheet constraints.

US Primary Dealer Treasury Bond Positions

Name: US Primary Dealer Treasury Bond Positions
Creator: New York FED (Primary Dealer Statistics, Form FR 2004)
License: https://creativecommons.org/licenses/by/4.0/

US primary dealer treasury bond positions by security and maturity.

Source: New York FED (Primary Dealer Statistics, Form FR 2004)Last updated: Sep 25, 2026, 05:41Curated by Bui Thanh PhucAbout this data ↓

Indicator	16-09-2026	09-09-2026	02-09-2026	26-08-2026	19-08-2026	12-08-2026	05-08-2026	29-07-2026	22-07-2026	15-07-2026	08-07-2026	01-07-2026	24-06-2026	17-06-2026	10-06-2026	03-06-2026	27-05-2026	20-05-2026	13-05-2026	06-05-2026	29-04-2026	22-04-2026	15-04-2026	08-04-2026	01-04-2026	25-03-2026	18-03-2026	11-03-2026	04-03-2026	25-02-2026	18-02-2026
Treasury bonds (including TIPS)13	454.56	460.45	455.19	477.61	436.41	444.67	460.28	473.17	461.59	467.22	482.98	464.08	515.55	492.41	498.62	477.88	516.66	451.7	487.43	500.42	507.73	518.39	546.89	530.72	539.63	557.09	540.03	530.52	511.47	531.11	516.56
Bills	103.14	85.03	79.86	69.69	54.52	57.93	73.81	64.54	58.49	57.61	57.01	33.22	75.13	71.08	90.3	76.36	89.95	68.17	76.26	76.78	85.37	78.47	97.74	83.24	92.56	94.05	89.37	75.66	52.12	55.92	60.14
Coupon, residual maturity up to 2 years	68.19	76.93	83.12	86.86	89.84	96.39	99.44	89.34	86.25	82.94	84.45	86.32	77.55	73.05	74.95	79.79	82.51	75.06	98.15	102.17	99.46	99.53	98.23	99.43	98.78	94.77	103.48	100.72	102.38	95.71	100.39
Coupon, over 2 to 3 years	29.58	33.59	30.58	30.16	29.32	24.61	23.79	27.69	30.31	32.5	34.94	35.86	47.58	47.69	43.76	39.11	46.45	44.61	42.77	37.16	36.48	38.04	39.71	38.81	37.65	59.46	48.72	53.85	41.11	38.71	24.15
Coupon, over 3 to 6 years	47.99	51.82	47.74	64.12	55.86	55.84	48.86	58.46	64.84	65.91	70.35	70.57	68.33	61.19	63.78	63.66	69.4	48.21	59.88	58.58	64.37	75.17	68.7	66.81	67.05	67.07	60.87	61.22	61.96	81.12	89.15
Coupon, over 6 to 7 years	27.85	32.35	33.4	34.96	31.66	30.85	28.54	31.64	30.78	33.76	30.96	30.81	29.77	24.09	23.94	24.23	28.35	27.39	27.75	30.89	31.44	29.77	32.02	30.72	30.65	33.52	36.52	39.62	45.3	42.47	37.69
Coupon, over 7 to 11 years	35.13	36.02	30.91	35.03	30.74	39.34	33.36	37.11	39.12	41.3	41.94	40.72	42.25	42.94	41.8	36.56	38.03	32.39	30.33	33.21	31.48	32.27	42.78	40.92	39.82	38.26	37.7	42.18	44.59	51.64	48.24
Coupon, over 11 to 21 years	68.46	66.78	66.84	65	68.9	61.25	64.13	65.01	64.65	63.94	71.71	73.29	77.39	74.64	66.96	66.16	67.02	63.77	59.12	62.03	62.37	66.88	65.01	64.66	63.95	58.1	63.94	59.62	57.35	58.04	56.05
Coupon, over 21 years	40.79	43.4	46.97	51.75	46.72	48.57	52.51	57.23	53.46	53.97	53.21	56.84	55.42	56.95	52.45	48.93	49.7	52.22	52.79	55.75	53.05	59.24	62.02	61.31	62.55	64.75	60.98	61.81	65.2	66.06	67.89
Floating Rate Notes (FRN)	3.14	7.06	8.89	13.12	2.12	1.8	5.75	12.98	6.21	4.24	6.32	6.72	9.88	7.34	9.14	11.71	13.2	7.6	8.96	10	11.27	8.08	9.03	10.01	11.99	13.86	7.21	6.27	9.52	10.89	3.67
TIPS, residual maturity up to 2 years	20.29	19.93	19.07	19.88	20.22	21.05	22.06	20.13	19.13	21.51	22.82	21.29	22.74	23.51	21.96	21.26	23.52	24.35	24.37	27.02	24.38	23.76	22.87	23.85	23.62	23.12	23.69	24.58	24.92	23.92	23.4
TIPS, over 2 to 6 years	6.21	3.9	4.14	4.38	3.29	4.11	4.61	4.78	5.58	5.57	4.62	3.93	5.26	5.8	5.54	6	3.47	5.24	4.62	4.8	4.78	4.61	6.29	6.88	6.91	5.75	4.75	2.82	3.09	3.25	3.02
TIPS, over 6 to 11 years	3.22	2.63	2.92	1.7	2.16	2.3	2.77	3.62	1.82	2.86	3.61	3.57	3.01	3.01	3.07	3.33	4.02	1.79	1.23	1.13	1.73	1.68	1.76	3.27	3.31	3.18	1.21	0.27	1.94	1.46	1.38
TIPS, over 11 years	0.59	1.03	0.75	0.97	1.08	0.64	0.66	0.66	0.94	1.11	1.04	0.95	1.25	1.13	0.97	0.79	1.05	0.89	1.19	0.9	1.55	0.89	0.73	0.82	0.8	1.19	1.58	1.92	1.97	1.91	1.38
Federal agency and GSE debt (excl. MBS)2	21.24	18.18	20.64	17.27	19.14	15.43	18.9	21.33	18.1	19.62	16.88	21.39	26.45	22.74	21.88	20.35	22.76	17.04	15.82	16.83	18.52	17.05	17.7	15.78	19.01	18.4	16.5	16.62	19.3	16.62	15.4
Discount notes	5.88	4.88	6.73	3.76	5.85	1.83	3.05	5.9	4.15	6.02	2.16	5.39	10.93	5.72	4.48	3.2	7.77	3.39	3.02	4.15	6.76	3.8	5.21	1.55	4.73	4.91	2.99	3.44	6.45	4.08	4.19
Coupon bonds	15.37	13.3	13.92	13.52	13.29	13.59	15.85	15.43	13.96	13.6	14.72	16	15.52	17.02	17.4	17.16	14.99	13.65	12.8	12.68	11.76	13.24	12.5	14.23	14.28	13.49	13.51	13.18	12.85	12.54	11.21
Mortgage-backed securities (MBS)6	142.89	127.22	124.55	126.9	131.17	132.12	137.87	135.16	130.26	127.61	126.81	129.77	121.87	127.95	119.18	130.15	132.79	132.08	120.31	123.56	127.86	131.99	131.83	130.76	139.9	142.71	136.23	113.73	126.08	121.1	115.96
Agency residential MBS: TBA contracts	-449.52	-447.58	-441.86	-454.04	-461.37	-452.03	-437.55	-432.36	-428.65	-449.08	-458.32	-439.91	-460.55	-451.04	-455.17	-453.62	-444.3	-446.99	-464.07	-511.78	-474.29	-474.47	-462.32	-464.05	-453.5	-443.8	-453.3	-454.11	-486.33	-472.97	-476.4
Agency residential MBS: specified loan pools	494.54	489.4	480.92	494.98	507.43	498.22	489.73	483.23	480.24	496.02	503.61	486.37	499.65	496.62	493.04	500.14	491.98	499.06	506.28	555.36	520.69	525.95	512.25	512.24	508.76	506.3	505.55	485.64	529.75	511.25	513.23
Other agency residential MBS	65.1	53.9	54.25	53.93	52.66	52.8	52.74	52.06	48.1	49.07	49.35	50.43	49.61	49.53	48.92	50.48	51.9	47.11	46.51	47.33	49.43	48.3	46.61	46.71	48.77	46.39	49.06	48.01	49.39	48.86	46.6
Agency commercial MBS (CMBS)	16.85	16.29	16.4	16.32	16.85	16.52	16.03	15.78	15.26	14.98	15.61	16.11	16.14	15.99	15.52	15.78	15.42	15.09	14.17	15.56	15.1	15.2	15.16	15.71	16.06	15.83	16.33	15.42	16.14	16.14	15.37
Non-agency residential MBS	9.56	8.88	8.39	8.89	8.84	9.53	9.94	9.85	8.79	8.63	8.54	8.67	8.88	8.62	8.39	9.03	9.22	9.2	9.08	8.96	9.22	9.26	11.97	11.68	11.5	9.68	10.39	10.23	8.79	9.02	8.1
Non-agency commercial MBS	6.37	6.33	6.45	6.81	6.76	7.09	6.96	6.6	6.52	7.99	8.03	8.11	8.13	8.23	8.48	8.34	8.57	8.62	8.35	8.13	7.72	7.76	8.18	8.48	8.31	8.31	8.22	8.54	8.34	8.8	9.06
Corporate securities9	13.69	12.98	11.23	8.84	13.54	12.53	7.21	8.44	8.81	11.96	10.82	8.41	15.82	13.62	14.23	13.42	12.6	11.8	13.29	12.78	9.02	6.77	6.45	8.54	3.41	4.68	5.98	9.5	4.04	2.28	5.82
Commercial paper	11.59	12.37	10.94	12.77	11.68	10.49	11.86	10.8	12.91	13.19	10.92	8.49	12.1	13.66	13.76	14.31	13.04	13.42	15.07	13.34	12.91	11.21	11.26	13.92	11.04	10.43	12.01	13.8	13.37	13.59	14.6
Investment grade, up to 13 months	3.16	3.31	3.42	2.37	2.33	2.73	2.75	2.15	2.76	3.71	4.21	4.89	5.08	4.95	5.31	3.34	3.28	3.01	3.22	3.09	2.25	1.91	2.61	2.43	3.26	2.69	2.59	2.77	2.55	1.47	1.76
Investment grade, over 13 months to 5 years	4.75	3.09	2.25	2.18	4.42	3.11	0.6	1.15	1.06	2.49	2.58	2.23	2.49	2.54	2.1	2.25	2.88	2.63	2.7	3.22	2.78	4.12	4.46	4.27	3.48	3.14	4.53	5.75	3.33	1.6	2.91
Investment grade, over 5 to 10 years	0.56	0.7	0.6	0.4	2.3	1.92	0.51	0.79	-0.65	-0.24	0.17	-0.21	0.37	-0.83	0.17	0.36	-0.4	-1.03	-2.06	-1.64	-2.2	-3.04	-3.5	-3.61	-4.87	-3.09	-3.29	-3.2	-6.07	-5.63	-4.37
Investment grade, over 10 years	-9.29	-8.65	-8.18	-8.86	-7.87	-6.93	-9.16	-8.86	-9.74	-9.32	-9.59	-9.4	-9.91	-10.7	-11.66	-11.18	-11.33	-10.82	-10.23	-9.42	-9.43	-10.45	-10.8	-9.89	-11.15	-10.24	-10.5	-11.46	-11.27	-10.14	-10.81
Non-investment grade, up to 13 months	1.7	1.67	1.65	1.51	1.5	1.5	1.52	1.45	1.6	1.57	1.68	1.75	1.7	1.76	1.86	1.88	1.39	1.44	1.48	1.46	1.44	1.37	1.87	1.88	1.96	1.78	1.65	1.79	1.83	1.75	2.16
Non-investment grade, over 13 months to 5 years	1.83	1.3	1.13	0.03	0.34	1.27	1.02	1.72	1.92	1.83	2.17	2.04	2.74	2.3	3.01	3.13	3.89	3.3	3.37	3.05	1.77	2.15	1.96	1.24	1.21	1.88	1.25	1.93	1.63	1.58	1.64
Non-investment grade, over 5 to 10 years	-1.28	-1.61	-1.43	-2.21	-1.74	-2.34	-2.38	-1.56	-1.81	-1.89	-1.73	-1.73	0.82	-0.37	-0.39	-0.86	-0.53	-0.67	-0.75	-0.75	-0.91	-0.89	-1.54	-1.86	-1.66	-2.09	-2.44	-2.09	-1.63	-2.16	-2.03
Non-investment grade, over 10 years	0.67	0.79	0.84	0.66	0.58	0.76	0.5	0.79	0.76	0.63	0.41	0.37	0.44	0.31	0.09	0.19	0.38	0.52	0.48	0.42	0.42	0.39	0.14	0.14	0.14	0.2	0.19	0.22	0.3	0.24	-0.03
State and local government bonds5	18.13	16.37	14.46	13.61	13.46	14.88	13.67	13.58	15.16	15.48	15.96	13.95	17.7	16.16	15.96	15.16	13.04	14.09	13.22	13.89	15.26	16.73	16.33	15.18	12.06	12.36	12.52	13.32	12.15	11.28	11.5
Maturity up to 13 months	1.07	0.98	0.88	0.82	0.62	0.66	0.61	0.56	0.73	1.1	0.66	0.94	1.07	1.19	0.74	0.77	0.56	0.63	0.45	0.48	0.64	0.82	1.03	0.84	0.5	0.51	0.66	0.63	0.95	0.46	0.48
Over 13 months to 5 years	1.38	1.15	1.16	1.03	0.96	1.12	1.12	1.21	1.22	1.07	1.22	1.44	1.66	1.47	1.6	1.56	1.59	1.63	1.42	1.49	1.64	1.82	1.51	1.27	1.26	1.2	1.17	1.21	1.12	1.13	1.12
Over 5 to 10 years	3.45	3.08	2.89	2.63	2.5	2.64	2.71	2.86	3.21	2.95	3.28	3.67	4.18	3.54	3.61	3.05	2.83	2.98	3.08	3.15	3.48	3.53	3.03	2.72	2.42	2.43	2.67	2.66	2.17	2.16	2.15
Over 10 years	7.12	7.1	6.43	6.56	6.42	6.58	6.07	6.11	6.7	6.03	6.06	6.07	6.84	6.34	6.33	5.94	5.32	5.9	6.16	6.02	6.32	6.57	6.5	6.11	5.63	5.46	5.74	6.08	5.6	5.84	6.05
Variable Rate Demand Notes (VRDN)	5.11	4.06	3.09	2.58	2.95	3.88	3.16	2.84	3.3	4.34	4.74	1.84	3.95	3.62	3.68	3.83	2.74	2.95	2.12	2.76	3.17	4	4.25	4.24	2.25	2.76	2.27	2.74	2.32	1.69	1.7
Asset-backed securities (ABS)4	10.67	10.78	10.73	10.98	11.44	11.21	11.04	10.4	10.57	10.27	9.79	9.78	9.91	10.53	11.1	10.71	10.69	10.91	11.66	11.32	11.36	11.31	10.84	11.94	11.7	11.52	11.62	11.08	9.72	9.72	9.99
Auto loan-backed	3.28	3.22	3.28	3.47	3.72	3.53	3.27	2.98	2.89	2.9	2.52	2.39	2.53	3.03	3.49	3.38	3.26	3.39	3.84	3.74	3.22	2.88	2.12	3.19	3.26	3.17	3.41	3.22	2.58	2.5	2.48
Credit card-backed	0.51	0.44	0.43	0.36	0.34	0.33	0.4	0.3	0.22	0.27	0.15	0.14	0.13	0.16	0.29	0.47	0.5	0.54	0.64	0.41	0.48	0.49	0.56	0.52	0.57	0.54	0.5	0.47	0.25	0.25	0.29
Student loan-backed	0.56	0.56	0.55	0.55	0.55	0.56	0.59	0.61	0.67	0.64	0.66	0.66	0.66	0.69	0.7	0.68	0.69	0.7	0.72	0.72	1.45	1.63	1.64	1.64	1.49	1.52	1.53	1.36	1.58	1.66	1.67
Other ABS	6.33	6.56	6.47	6.61	6.84	6.78	6.78	6.51	6.79	6.47	6.45	6.59	6.58	6.65	6.62	6.18	6.24	6.28	6.47	6.45	6.22	6.3	6.52	6.58	6.38	6.3	6.19	6.03	5.32	5.31	5.55

Latest reading

Treasury bonds (including TIPS) stood at 454.56 USD billion in Sep 16, 2026. That is −1.3% from Sep 9, 2026 and +16.2% from a year earlier. The series on this page is weekly and runs from Jul 3, 2024 to Sep 16, 2026. Source: New York FED (Primary Dealer Statistics, Form FR 2004).

Latest: 454.56 USD billion; Sep 16, 2026
vs previous period: −1.3%; Sep 9, 2026
vs a year earlier: +16.2%

Look up any date

Pick a date between Jul 3, 2024 and Sep 16, 2026 to see every series in this table on that day. If there is no reading that day (weekend, holiday, or a weekly release), the last reading before it is shown.

About this data

US primary dealer treasury bond positions by security and maturity. It reports net holdings and short positions of major market makers published weekly by the Federal Reserve Bank of New York since 2024. Data includes bills, coupon securities, floating-rate notes, and TIPS.

Frequently asked questions

What are United States primary dealer Treasury bond positions?: They represent the net holdings and short positions of major financial institutions that trade directly with the Federal Reserve in open market operations, reflecting how much debt market makers carry on their balance sheets.
How frequently is this United States primary dealer report published and what is its history?: The data is published weekly by the Federal Reserve Bank of New York using Form FR 2004 statistics, with historical series starting in 2024.
Which security types and maturities are covered in the table?: The table covers Treasury bills, seven residual maturity brackets for coupon securities, floating-rate notes, and four TIPS brackets, alongside agency debt, mortgage-backed securities, and corporate debt.
Why do analysts monitor primary dealer Treasury positions in the United States?: An expansion in Treasury positions often indicates that end-investors have absorbed insufficient primary issuance, requiring dealers to take on more debt and highlighting market friction and balance-sheet constraints.