# US Treasury and Federal Reserve liquidity management

> Live situation record from CLSTR: https://clstr.news/situations/us-treasury-and-federal-reserve-liquidity-management
> Updated: 2026-09-09T19:29:01.000Z. Sources: 4. Developments: 2.

The Federal Reserve and U.S. Treasury have engaged in significant operations to manage debt composition and market liquidity. Initial reports indicated that the Federal Reserve held more than 50% of all bonds maturing within a 10-to-15-year window. Efforts by Treasury Secretary Bessent to lower bond yields involved weekly operations of at least $4 billion, which were described as rearranging existing debt rather than new money creation.

Subsequent actions included the Treasury completing its first operation under an expanded program, which involved purchasing $5.187 billion in long-dated, off-the-run government bonds to improve market liquidity. Concurrently, the Federal Reserve has been winding down its Reserve Management Purchase (RMP) program, reducing its monthly pace from $40 billion to $10 billion as it approaches a planned pause in operations.

## Timeline

### 2026-09-09: U.S. Treasury and Federal Reserve execute liquidity management operations

The U.S. Treasury and Federal Reserve are executing targeted bond and T-bill purchases to manage market liquidity and maintain stable interest rates as specific management programs wind down.

2 sources. https://clstr.news/cluster/us-treasury-and-federal-reserve-execute-liquidity-management-operations

### 2026-08-23: Federal Reserve owns over 50% of 10-to-15-year bonds

The Federal Reserve owns over 50% of U.S. bonds maturing in 10 to 15 years, amid ongoing Treasury efforts to manage yields and debt operations.

2 sources. https://clstr.news/cluster/federal-reserve-owns-over-50-of-10-to-15-year-bonds

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Cite as: US Treasury and Federal Reserve liquidity management. CLSTR, https://clstr.news/situations/us-treasury-and-federal-reserve-liquidity-management