Fixed income outstanding totaled $51.4T this quarter, an increase of +1.3% Q/Q and +7.0% Y/Y. All five analyzed asset classes (US Treasuries, Corporate Bonds, Agency Securities, Municipal Bonds and Commercial Paper) recorded quarterly growth. The leading asset class by amount outstanding was Treasuries (UST), which increased to $31.1T (+0.8% Q/Q and +8.5% Y/Y). The share of Treasury Bills decreased to 21.5% of the total UST outstanding this quarter, down from 22.1% in 1Q26 but above 20.2% in 2Q25. The second largest asset class based on securities outstanding was corporate bonds at $12.1T (+1.3% Q/Q and +4.2% Y/Y) […]