The U.S. bond market reached an estimated $55 trillion outstanding in Q3 2022, up 26% from year-end 2019, but 2022 issuance fell 31.6% from 2021 to $8.76 trillion due to reduced Fed bond purchases. Mortgage-related and corporate debt saw the largest issuance drops, while federal agency securities rose 21.7%. Average daily value across fixed income declined 4.4% to $913 billion, with Treasuries down 3.3% and municipals up 60%. Interest rate derivative SEF trading grew nearly 15%, led by Tradeweb with over 37% share, and credit default swap SEF volume rose 36%, dominated by Bloomberg at 68%.

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