The Federal Reserve is increasing its holdings of U.S. Treasuries: total holdings have now risen to $4.4 trillion, the highest level since July 2024. Previously, since December last year, the Fed has purchased a total of $237 billion in Treasuries, pushing its balance sheet size up to $6.7 trillion (a new high since May 2025), with U.S. Treasuries accounting for 65.9% of total assets, the highest since March 2008. The market is closely watching the real impact of this invisible support on interest rates and liquidity.