In the second quarter of 2022, the size of the Treasury market stood at $26.05 trillion. Corporate debt in the U.S. was next in line at $15.13 trillion.
The chart below details the largest owners of the U.S. Treasury market each quarter since 1947.
The next chart shows a similar breakdown for the agency and GSE market. Note that monetary authorities, in blue, went from owning essentially no agency or GSE debt prior to the financial crisis to owning almost a quarter of the market as of Q2 2022.
For further detail on ownership of different U.S. debt markets, see our recent Flow of Funds Update.