The total amount of Treasury securities outstanding has now reached $33.6 trillion. Of that amount, $7.1 trillion are securities held by government entities, such as government pension funds, the Social Security Trust Fund, etc.

They’re not traded, and those entities buy the securities directly from the government, and so they don’t have a direct impact on supply and demand in the market.

These securities held by the public spiked by nearly $1.8 trillion in the five months since the end of the debt-ceiling standoff, and by over $10 trillion, or by 65%, in five years, from $16 trillion in January 2019 to $26.5 trillion now!

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