[20220110]IF12012_国库券市场中断和政策问题.pdf

https:/crsreports.congress.gov January 10, 2022Treasury Securities Market Disruptions and Policy IssuesThe U.S. Treasury securities market is considered one of the most important financial markets in the world. The market provides a low-risk (backed by the full faith and credit of the U.S. government) and liquid asset for global investors while raising funding to finance U.S. federal spending. Any event that significantly disrupts Treasury market functions could cause distress in the global financial system, and recent market events show that the Treasury market is not immune to such disruptions. This In Focus describes examples of these market events and related policy recommendations. Overview The U.S. Treasury securities outstanding grew in nominal dollars to $22 trillion as of October 2021 from $3 trillion in 2000. They account for around 40% of all U.S. fixed income securities outstanding. Market participants use Treasury securities to hedge portfolio positions, create low-risk investment strategies, speculate on interest rate movements, and provide reference rates for pricing and analyzing other securities. The Federal Reserve (Fed), foreign central banks, mutual funds, pens