Journal Article
The Changing Investor Composition of U.S. Treasuries, Pt. 2: Who’s Buying U.S. Treasuries?
Jacobs, Joshua A.; Sengupta, Rajdeep (2025-07-09)
Part 1 of this two-Bulletin series highlights the changing demand among foreign investors for U.S. Treasuries. In Part 2, we explore how the composition of Treasury investors has shifted toward more yield-sensitive domestic private investors—such as banks, money funds, and hedge funds. This shift in investor composition has not only increased yields but also raised volatility.
Economic Bulletin

Journal Article
Bank Funding and FHLB Advances
Jacobs, Joshua A.; Sengupta, Rajdeep (2025-10-16)
The composition of bank funding has changed considerably since the onset of the COVID-19 pandemic, revealing not only the importance of Federal Home Loan Bank (FHLB) advances in times of stress but also sized-based differences in access to capital markets once the stresses abate. The latter raises the question of whether large banks in particular can replace deposit outflows with capital market funding instead of relying on contingent funding from FHLBs.
Economic Bulletin