The Changing Face of U.S. Treasuries

Executive Summary

In this edition, I’m releasing a comprehensive analysis of the U.S. Treasury market — a deep dive into the structural forces reshaping what has long been considered the foundation of global finance.

For decades, Treasuries have served as the benchmark for safety, liquidity, and stability.

That assumption is now being tested.

This report examines how rising debt levels, persistent deficits, inflation dynamics, and shifting global demand are changing ...