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Commentary & analysis of selected stories on June 22, 2026
A look at outstanding amounts of Treasuries, corporates, agencies, munis and open market paper
The amount of outstanding private credit in the U.S. experienced a brief decline during the financial crisis, but government debt grew throughout the entire period.
Private pension funds typically have much smaller funding gaps than their government counterparts.
Over the past couple decades, households' real estate equity and direct stock ownership have moved in lockstep.
Defined benefit plans continue to be replaced by IRAs and defined contribution plans.
Personal consumption continues to make up a larger portion of U.S. GDP as time progresses.
U.S. equity net issuance rose by $1.8 trillion in the first quarter.
A review of our recent research
Commentary & analysis of selected stories on June 18, 2026