The Federal Reserve is loading up on US Treasuries: The Fed's total Treasury holdings are now up to $4.4 trillion, the highest since July 2024. Since December, the central bank has bought +$237 billion in Treasuries. As a result, Treasuries now account for 65.9% of the Fed's total assets, the highest since March 2008, when this figure stood at 68.5%. This also brings total assets on the Fed’s balance sheet up to $6.7 trillion, the highest since May 2025. The Fed is propping up the Treasury market.(The Kobeissi Letter)