Executive Summary

The U.S. Treasury market has transitioned from “bad volatility” to “good volatility.” The former is informally defined by periods of uncertainty that leave investors feeling it’s better to sit on the sidelines than risk trading amid market turmoil.

The latter, conversely, occurs when volatility creates opportunity rather than fear. This is what we have now.

Methodology

Coalition Greenwich continuously gathers data and insights from U.S. Treasury market participants, including asset managers, hedge funds, primary dealers, market makers, and trading platforms. The data, once aggregated, normalized and enhanced, is analyzed by our market structure research team who identify key areas of change and the likely direction of volume, holdings, market share, and other trends in the coming months.