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2 posts on "Henry Dyer"
September 22, 2026

Treasury Trading at the Close

Henry Dyer, Michael J. Fleming, and Or Shachar

Floor of the stock exchange with a large screen in front that says closing bell.

In past work, we showed that trading in U.S. Treasury securities is becoming increasingly concentrated on the last trading day of each month. In this post, we show that trading is also becoming more concentrated around the designated pricing, or “strike,” times for fixed-income indexes. The concentration is especially pronounced on month-end trading days. We also document a marked shift in trading activity from around 3 p.m. (ET) to around 4 p.m. after a major fixed-income index provider moved its strike time from 3 p.m. to 4 p.m. in January 2021.

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Posted at 7:00 am in Financial Markets, Treasury | Permalink | Comments (0)
April 2, 2026

Treasury Market Liquidity Since April 2025

Henry Dyer and Michael J. Fleming

government bond yields trading board

In this post, we examine the evolution of U.S. Treasury market liquidity over the past year, which has witnessed myriad economic and political developments. Liquidity worsened markedly one year ago as volatility increased following the announcement of higher-than-expected tariffs. Liquidity quickly improved when the tariff increases were partially rolled back and then remained fairly stable thereafter (through the end of our sample in February 2026), including after the recent Supreme Court decision striking down the emergency tariffs and the subsequent announcement of new tariffs.

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Posted at 7:00 am in Banks, Liquidity, Treasury | Permalink

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