{"id":"401fbdab8acfdca8d594641e69bde8c5496b1db07aef5fdb0bb8fb67a4d993f0","title":"Michael J. Fleming and Or Shachar examine STRIPS trading in Liberty Street Economics","argument":"Michael J. Fleming and Or Shachar published this analysis on August 10, 2026, using FINRA’s TRACE transactions data to examine trading in STRIPS. STRIPS are Treasury securities created by separating a security’s interest and principal payments into components that can be traded separately and later reassembled. The authors report that trading activity concentrates in long-maturity principal STRIPS, while coupon STRIPS trade across a more even range of maturities. Average daily STRIPS trading volume was $5.6 billion from July 2024 to June 2025, compared with $739 billion for Treasury notes, bonds, and TIPS. The authors say principal STRIPS’ high share of dealer-to-client trading likely reflects the value end-users such as pension funds and insurance companies place on these single-payment securities. 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Fleming and Or Shachar's Liberty Street Economics post from the Federal Reserve Bank of New York. Findings are framed as the authors' reports. This is a single analytical post, not a listing.","excerpt":"Michael J. Fleming and Or Shachar"},{"dimension":"summary","status":"uncertain","explanation":"The summary is faithful and defines STRIPS, but other central terms are unexplained and the definitions list is empty: liquidity (the core of the question), TIPS, FINRA TRACE, dealer-to-client trading and maturity. Liquidity broadly means how easily a security can be traded without moving its price. The reading also never says why Treasury STRIPS trading matters to readers following AI or the singularity, so its significance and fit are unclear. Smallest repair: add plain definitions or tooltips for liquidity, TIPS and TRACE, and one sentence on why this matters to the stream.","excerpt":null},{"dimension":"date","status":"pass","explanation":"The August 10, 2026 date matches the post's dateline and the UTC day of evidence.originalPublished. The July 2024 to June 2025 data period is stated as in the source. Nothing post-publication or hindsight is used. The later modifiedAt timestamp falls on the same day and is not flagged as an edit after publication. The evidence kind is a publisher page, so no archive disclosure is needed.","excerpt":"August 10, 2026"},{"dimension":"support","status":"pass","explanation":"The claims match the source: TRACE data, $5.6 billion versus $739 billion daily volume, concentration in long-maturity principal STRIPS, more even coupon volume, higher principal prices, and the open liquidity question. One small narrowing: the source's likely-reflects explanation refers to the high dealer-to-client share generally, which also covers coupon STRIPS at 73 percent, not only principal STRIPS. It remains hedged as the authors' view.","excerpt":"The high share of DTC activity likely reflects the value that end-users such as pension funds and insurance companies ascribe to these single-payment securities."},{"dimension":"media","status":"pass","explanation":"No media was selected and no verified media candidates were supplied, so nothing was misidentified.","excerpt":null}],"createdAt":"2026-11-06T06:10:17.701Z","model":"anthropic/claude-opus-5.5"}],"correctionUrl":"https://escapemeridian.com/corrections/"}