---
title: Resilience Redux in the US Treasury Market (Clone)
description: The total amount of Treasuries outstanding will continue to grow rapidly relative to the intermediation capacity of the market because of large and persistent US fiscal deficits and the limited flexibility of dealer balance sheets, unless there are significant improvements in market structure. Broad central clearing and all-to-all trade have the potential to add importantly to market capacity and resilience. Additional improvements in intermediation capacity can likely be achieved with real-time post-trade transaction reporting and improvements in the form of capital regulation, especially the Supplementary Leverage Ratio. Backstopping the liquidity of this market with transparent official-sector purchase programs will further buttress market resilience.
---

[Macro Roundup of Macroeconomic News - Edward Conard](https://macro-roundup.edwardconard.com/macro-roundup)

# [Resilience Redux in the US Treasury Market (Clone)](https://macro-roundup.edwardconard.com/macro-roundup/resilience-redux-in-the-us-treasury-market-0)

 Written by [Edward Conard](https://macro-roundup.edwardconard.com/macro-roundup/author/edward-conard) | Sep 5, 2023, 9:19:57 PM

[View full post](https://macro-roundup.edwardconard.com/macro-roundup/resilience-redux-in-the-us-treasury-market-0)

```json
{
  "@context" : "http://schema.org",
  "@type" : "BlogPosting",
  "author" : {
    "@type" : "Person",
    "name" : "Edward Conard"
  },
  "dateModified" : "2023-09-05T21:19:57.619Z",
  "datePublished" : "2023-09-05T21:19:57Z",
  "headline" : "Resilience Redux in the US Treasury Market (Clone)",
  "image" : {
    "@type" : "ImageObject",
    "height" : 185,
    "url" : "https://39922077.fs1.hubspotusercontent-na1.net/hubfs/39922077/ratio-of-US-Treasury-securities-outstanding-to-primary-dealer-assets%20%281%29.webp",
    "width" : 300
  },
  "mainEntityOfPage" : "https://macro-roundup.edwardconard.com/macro-roundup/resilience-redux-in-the-us-treasury-market-0",
  "publisher" : {
    "@type" : "Organization",
    "logo" : {
      "@type" : "ImageObject",
      "height" : 60,
      "url" : "/hs/hsstatic/content_shared_assets/static-1.4092/img/default-amp-logo.png",
      "width" : 60
    },
    "name" : "Macro Roundup of Macroeconomic News - Edward Conard"
  }
}
```