Skip to main content
U.S. flag

An official website of the United States government

Official websites use .gov
A .gov website belongs to an official government organization in the United States.

Secure .gov websites use HTTPS
A lock ( ) or https:// means you’ve safely connected to the .gov website. Share sensitive information only on official, secure websites.

Skip to content

Try the next-generation Data Catalog at catalog-beta.data.gov and help shape it with your feedback.

What Drives U.S. Treasury Re-use?

Metadata Updated: January 28, 2026

Based on confidential supervisory data, this dataset estimates the degree of collateral re-use at the dealer level through their collateral multiplier: the ratio between a dealer's total secured funding and their outright holdings financed through secured funding. Treasury re-use increases as the supply of available securities decreases, especially when supply declines due to Federal Reserve asset purchases. Non-U.S. dealers' re-use increases when profits from intermediating cash are high, U.S. dealers' re-use increases when demand to source on-the-run Treasuries is high, and both types of dealers' re-use can alleviate safe asset scarcity. Finally, there was a sharp drop in Treasury re-use at the onset of the COVID-19 pandemic, with a subsequent reversal after the Federal Reserve's intervention to support market functioning.

Access & Use Information

Public: This dataset is intended for public access and use. License: No license information was provided. If this work was prepared by an officer or employee of the United States government as part of that person's official duties it is considered a U.S. Government Work.

Downloads & Resources

Dates

Metadata Created Date December 18, 2024
Metadata Updated Date January 28, 2026

Metadata Source

Harvested from Federal Reserve

Additional Metadata

Resource Type Dataset
Metadata Created Date December 18, 2024
Metadata Updated Date January 28, 2026
Publisher Board of Governors of the Federal Reserve System
Maintainer
Identifier FRBC0015
Data Last Modified 2021-08-24
Public Access Level public
Bureau Code 920:00
Schema Version https://project-open-data.cio.gov/v1.1/schema
Harvest Object Id cf985a76-8941-4d9d-bd49-25d1238d1bab
Harvest Source Id ed4f9073-f069-4049-8ee0-17ff5c98cd46
Harvest Source Title Federal Reserve
Homepage URL https://www.federalreserve.gov/econres/feds/what-drives-us-treasury-re-use.htm
Program Code 920:000
Source Datajson Identifier True
Source Hash f5d776858b12bb14142d341589d6bef8265d9bde27c27ffaf14a1d5fb6d64c0a
Source Schema Version 1.1

Didn't find what you're looking for? Suggest a dataset here.