… net = Δ Treasury(public) − Δ Fed − Δ Foreign Official

Beltran, Daniel and Canlin Li (2026). “Estimating Yield Impacts of Treasury Demand and Supply Changes,” International Finance Discussion Papers 1447. Washington: Board of Governors of the Federal Reserve System.
federalreserve.gov/econres/ifdp — Estimating Yield Impacts of Treasury Demand and Supply Changes · doi:10.17016/IFDP.2026.1447

    Beaudry, Paul, Paolo Cavallino and Tim Willems. “Anatomy of a rise: Monetary policy and the post-Covid surge in long-term interest rates,” VoxEU / CEPR. cepr.org/voxeu
    Beaudry, Paul, Paolo Cavallino and Tim Willems (2026). “Monetary policy along the yield curve: why can central banks affect long-term real rates?” Bank of England Staff Working Paper No. 1,117, August 2026. bankofengland.co.uk/working-paper
    Hillenbrand (2025) —

        Federal Reserve Bank of San Francisco — Leduc, Sylvain, Luiz Edgard Oliveira, and Aleisha Sawyer (2026). “Stablecoin Issuers’ Growing Appetite for Treasury Securities.” FRBSF Economic Letter 2026-26, September 28, 2026.
        frbsf.org — Economic Letter 2026-26 · PDF · ·