Primary Dealers are pulling back from Treasury absorption — not by choice, but by constraint. With inventories falling despite relentless coupon issuance, the data confirms what recent auctions have already hinted: dealers are maxed out.
This report unpacks what the May 21 breakout in yields really signals—and why the next phase of Treasury supply could bring more than just higher rates.
Primary Dealers are pulling back from Treasury absorption — not by choice, but by constraint. With inventories falling despite relentless coupon issuance, the data confirms what recent auctions have already hinted: dealers are maxed out.
This report unpacks what the May 21 breakout in yields really signals—and why the next phase of Treasury supply could bring more than just higher rates.
Subscribers, click here to download the report. The April 3 report is now live, with a full breakdown of dealer positioning, leverage extremes, and why…
Subscribers, click here to download the report. Not a subscriber? Get access here. This week, I take a fresh approach—a Q&A debate with my AI…
Subscribers, click here to download the report. Non-subscribers, click here for access. The latest Liquidity Trader Primary Dealer Position Report is live. 📊 This month’s…
Dive into the latest analysis of primary dealer positions and their implications for Treasury and equity markets in 2025. This exclusive report uncovers critical trends…
Subscribers, click here to download the report. Primary Dealer positions and financing indicate elevated risk, but debt ceiling dynamics, and resulting market liquidity conditions should…
Lee Adler