Issuances are predominantly through private placement and dominated by high credit issuers. In 2018-19, 79% of the issuances were by entities rated ‘A’ or higher. Secondary market trading has also picked up in the recent past, with trading volumes rising from USD 170 billion in FY 2014-15 to USD 267 billion in 2018-19.
The United States is shown as having a relatively accommodative policy, as you can see; however, that conclusion is driven in part by the use of current rather than forecast inflation in the Taylor rule, the point I discussed earlier.