This primer analyzes the fixed income markets.
- We note the “s” in markets, as there is not one but several based on multiple subcategories within each main category. These include U.S. Treasuries, corporates, mortgage backed securities (MBS), agency, munis, asset backed securities (ABS) plus money markets and repo.
- This report begins by identifying the description and purpose of the different markets. We analyze issuance, trading, and outstanding metrics across all the markets.
- Finally, we look at the evolution of electronic trading. Electronic trading makes fixed income markets faster and more efficient. Understanding fixed income and electronic trading helps us understand how these tools support economic growth and ensure that capital flows smoothly through the financial system.