BofA, JPM hoover up $104bn of US Treasuries in Q1
As Fed’s first rate cut nears, banks revamp their AFS holdings
Bank of America and JP Morgan invested a combined $103.8 billion in US Treasuries in their available-for-sale (AFS) books during the first quarter of 2024, ostensibly betting on fixed-income markets cementing their turn-of-the-year gains.
BofA’s holdings of AFS Treasuries, measured at fair value, rose by 29% during the period, topping a three-quarter reversal from a post-pandemic nadir of $70.4 billion to an all-time high of $228 billion.
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