NYLIM megatrends report flags shift toward market-led global liquidity regime

PUBT · 1d ago
NYLIM megatrends report flags shift toward market-led global liquidity regime
  • New York Life Investment Management’s 2026 Megatrends report flags a shift toward market-led global liquidity across major developed economies.
  • Non-bank financial institutions are taking a larger role in capital provision, weakening the reach of repeatable central-bank liquidity backstops.
  • Private, non-official investors hold about 60% of outstanding U.S. Treasury debt, up from 37% in 2014.
  • Portfolio construction is increasingly treating liquidity as a total-portfolio variable, reflecting wider adoption of the Total Portfolio Approach.
  • The analysis expects a more fragmented liquidity architecture that can absorb shocks, though liquidity availability may be less uniform in stress.


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