Share of “Outside” Marketable U.S. Treasury Securities

Share of “Outside” Marketable U.S. Treasury Securities

Figure 3. Share of “Outside” Marketable U.S. Treasury Securities plus Government Sponsored Enterprises (GSEs) Securities: End-of-period, 1945-2010 Sources: Flow of Funds, Board of Governors of the Federal Reserve and authors’ calculations. Notes: The outstanding stock of marketable U.S. Treasury securities plus GSEs is calculated as Treasury credit market instruments plus GSE issues plus GSE-backed mortgage pools less savings bonds, less budget agency securities. “Outside” marketable securities is defined as marketable securities (as defined above) less official holdings by the rest of the world of US Treasuries and GSEs, less holdings by the Federal Reserve (monetary authority) of U.S. treasuries and GSEs.