Beyond supply factors (see US Federal debt: the risks of abundance) and demand factors (see A safe haven put to the test), banking regulations have also contributed to weakening the Treasuries market. This is the subject of the third instalment of our EcoInsight series on Treasuries.Since 2023, the US authorities have taken various measures to support the liquidity and stability of the Treasuries market (greater transparency of transactions, increased use of centralised clearing of repurchase agreements, programme to buy back the least traded securities).However, the balance sheet constraints faced by the banks responsible for intermediating this market remain an aggravating factor in times of stress
