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September 1, 2026

A Framework for Understanding the U.S. Treasury Repo Market

Rubi Renovato and Sophia Lansell

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The overnight U.S. Treasury repo market has experienced remarkable growth, with underlying transaction volumes for the Secured Overnight Financing Rate (SOFR) expanding from around $1 trillion in early 2022 to $3 trillion today. At the same time, this essential component of the financial system has become increasingly complex, with new segments introduced as market participants adopt central clearing. This article discusses a simplified framework to understand the complex mechanics and flows of the evolving market. This concept, referred to as the Client Segments Framework, helps the Open Market Trading Desk at the New York Fed (the Desk) monitor the repo market, an important market for the transmission of monetary policy, and report conditions to key stakeholders.

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Posted in Financial Markets, Monetary Policy Implementation | Permalink
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The Teller Window is a publication featuring expert knowledge and insight from the New York Fed, including thoughts and perspectives from senior leaders. It offers a deep look at issues that matter to the Federal Reserve’s Second District and the nation.

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