Primary Dealer fixed income holdings have fallen since March, and most of the decline appears to be mark-to-market losses. The Treasury keeps adding supply, of which the Fed absorbs only a fraction, leaving dealers to take their share, required by their special status, as bond prices erode and the 10 year yield pushes toward 5%. The result is a deleveraging cycle in dealer balance sheets that raises the risk of forced, disorderly liquidation across markets.
This report shows where the cracks are in the Primary Dealer holdings, financing, and hedging statistics through mid-July. It also includes a look at hedge fund positions in the bond market, which are another canary in the coal mine of deteriorating liquidity conditions across asset classes.
Legacy subscribers (pre April 2026) click here to download report.
New Subscribers (since April 2026) You must be logged in to download the report. Click here to log in. Download Here: Macroliquidity™ Primary Dealers Report - July 26, 2026 (Membership Required: Integrated Edge or Macroliquidity™)
Don’t wait for the market to break to find out where the risks are hidden. See the data and the charts that prove the market’s safety is a precarious illusion, based on the market makers’ extreme positioning.
Want the real-time data that drives Treasury supply and market direction?
Get the full Macro Liquidity series at LiquidityTrader.com — updated as the numbers come in.
Click here for today’s report and upcoming reports every week.