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Brad Setser shares a graph illustrating the net supply of duration in U.S. bond markets over time.
The post highlights changing patterns in the issuance and availability of longer-term U.S. bonds.
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Setser has previously highlighted the sustained role of Asian government pension funds such as NPS and GPIF in influencing markets, as noted in an earlier article. He also observed China’s shift in reserves away from direct U.S. Treasury holdings to agency securities in another report. These developments contribute to ongoing changes in bond market participation.