The U.S. fixed income market remains a cornerstone of the nation’s economic framework, providing essential funding mechanisms for various sectors. As of mid-2026, the market has shown significant activity, with notable trends in issuancetrading volumes and outstanding securities. This analysis delves into the latest data, offering insights into the market’s dynamics and performance.
The Securities Industry and Financial Markets Association (SIFMA) Research provides comprehensive tracking of the U.S. corporate bond market. This includes detailed breakdowns of issuance data by categories such as investment grade/high yieldnonconvertible/convertiblecallable/noncallable and fixed rate/floating rate. Additionally, trading volume data is categorized by investment grade/high yieldpublic/144Anonconvertible/convertible and by rating. This data is available for download on a monthly, quarterly, and annual basis, complete with trend analyses.
Key Figures for the First Half of 2026
Year-to-date statistics for 2026 reveal substantial activity in the fixed income market. Through June, total issuance reached $1,522.8 billion marking a 28.1% year-over-year increase. Trading volumes averaged $69.1 billion per day up 14.5% year-over-year. As of the first quarter of 2026, the total outstanding securities amounted to $11.7 trillion reflecting a 3.0% year-over-year growth.
Second Quarter 2026 Insights
The second quarter of 2026 saw a slight decrease in fixed income issuance, totaling $3.2 trillion a 1.7% decline from the previous quarter but still 12.3% higher year-over-year. This marks the second consecutive quarter where issuance exceeded $3.0 trillion a level not seen since the fourth quarter of 2026. Among the six covered asset classes, three posted quarterly increases. Long-term U.S. Treasury (UST) issuance continued at a high level of $1.3 trillion up 2.5% quarter-over-quarter and 1.1% year-over-year marking the eighth consecutive quarter with issuance above $1 trillion.
Mortgage-backed securities (MBS) also had a strong quarter with issuance of $548.5 billion up 1.5% quarter-over-quarter and 21.7% year-over-year. Municipal bond issuance totaled $168.2 billion showing the highest quarterly percentage increase at 26.8% quarter-over-quarter and 2.6% year-over-year. Corporate bond issuance amounted to $732.6 billion down 7.3% quarter-over-quarter but up 41.3% year-over-year. Agency securities issuance was $349.3 billion down 16.0% quarter-over-quarter but up 0.8% year-over-year.
Trading Volumes and Federal Reserve Actions
Average daily trading volumes for the quarter were $1.6 trillion down 10.0% quarter-over-quarter but up 1.9% year-over-year. Trading volumes for all covered asset classes except municipal bonds posted quarterly decreases. UST trading volumes were $1,170.0 billion down 9.2% quarter-over-quarter. MBS trading volumes were $357.8 billion down 13.8% quarter-over-quarter. Corporate bond trading volumes were $66.9 billion down 6.3% quarter-over-quarter. Agency securities trading volumes were $2.6 billion down 25.0% quarter-over-quarter. Asset-backed securities (ABS) trading volumes were $2.6 billion down 4.3% quarter-over-quarter. In contrast, municipal bond trading volumes were up 8.0% quarter-over-quarter to $14.6 billion.
At the June Federal Open Market Committee (FOMC) meeting, the Federal Reserve voted unanimously to keep the benchmark federal funds rate unchanged at a target range of 3.50% to 3.75%.
Resources and Further Insights
For those interested in deeper insights, SIFMA offers a range of resources. The Fixed Income Data Visualization provides an immersive experience with deep cuts of data on both issuance and outstanding securities. The Research Quarterly: Fixed Income – Issuance & Trading report offers brief commentary and statistics on total U.S. fixed income markets. Additionally, the Research Quarterly: Fixed Income – Outstanding report provides detailed data on outstanding securities. These resources are invaluable for understanding the complexities of the fixed income market structure and its regulatory environment.
