Part 9/13:
JP Morgan isn't alone—other US banks have also been piling into Treasury securities. Data from the Federal Reserve’s H8 release shows that between January and July 2025, banks increased their holdings of US Treasuries and agency debt by about 150 billion dollars, roughly 9.2% in only five months. This accumulation has pushed the total holdings close to 2 trillion dollars, with the sector’s allocation percentage rising to nearly 19% of total assets.