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US Treasury Market Functioning from the Global Financial Crisis to the Pandemic

Tobias Adrian et al.

Annual Review of Financial Economics2025https://doi.org/10.1146/annurev-financial-090524-120722article
AJG 3ABDC B
Weight
0.50

Abstract

This article examines US Treasury securities market functioning from the global financial crisis through the COVID-19 pandemic given the ensuing market developments and associated policy responses. We describe the factors that have affected intermediaries, including regulatory changes, shifts in ownership patterns, and increased electronic trading. We also discuss their implications for market functioning in both normal times and times of stress. We find that alternative liquidity providers have stepped in as constraints on dealer liquidity provision have tightened, supporting liquidity during normal times, but with less clear effects at times of stress. We conclude with a brief discussion of more recent policy initiatives that are intended to promote market resilience.

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https://doi.org/https://doi.org/10.1146/annurev-financial-090524-120722

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@article{tobias2025,
  title        = {{US Treasury Market Functioning from the Global Financial Crisis to the Pandemic}},
  author       = {Tobias Adrian et al.},
  journal      = {Annual Review of Financial Economics},
  year         = {2025},
  doi          = {https://doi.org/https://doi.org/10.1146/annurev-financial-090524-120722},
}

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US Treasury Market Functioning from the Global Financial Crisis to the Pandemic

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Evidence weight

0.50

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.50 × 0.4 = 0.20
M · momentum0.50 × 0.15 = 0.07
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

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