Back to Supply
Transactions / Liquidity
OldTreasury trading volume and liquidity — measuring secondary market activity and price discovery efficiency
Module/Supply
Latest Level$763.1 billion
1-week Change-$18.0 billion
4-week Change-$187.7 billion
13-week Change-$137.0 billion
Historical Percentile88.4%
What To Watch
- Whether lower activity coincides with inventory, fails, and auction pressure.
- Whether high activity is clean macro repricing or comes with weaker depth, bid-ask, or funding.
What Can Mislead
- Higher activity is not always better liquidity; it can reflect volatility shocks.
- Without live depth/bid-ask, volume is market-functioning context and cannot prove market quality by itself.
Data Lineage
Sourced from NY Fed dealer transaction data; a supporting signal for absorption.
Sources: New York Fed Primary Dealer Statistics
Chart
Sources·New York Fed Primary Dealer Statistics as of 2026-06-17