Current Issues in Economics and Finance

Who Buys Treasury Securities at Auction?

January 2007Volume 13, Number 1
JEL classification: H63, G18, G12

Authors: Michael J. Fleming

The U.S. Treasury Department now releases fuller information about its auctions than in the past, including new information on investor class and bidder category. The investor class data shed light on the distribution of demand for government securities, and the bidder category data, released first, offer an early read on demand. Purchases by indirect bidders, in particular, are a fairly good proxy for foreign purchases of Treasury notes, but not Treasury bills.

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