Since 1980, the size of the US bond market has increase by 15 times, in terms of the outstanding debt by par value. In terms of the market value of the debt, the number is likely even higher.
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US Bond Market Size
1980 – $2.54 Trillion
1990 – $7.66 Trillion
2000 – $16.96 Trillion
2010 – $36.52 Trillion
2012 (Q2) – $37.46 Trillion
The composition of the bond market since 1980 has also changed substantially. Since 1980, the popularity of large time deposits (essentially CDs) and commercial paper has declined dramatically, from over 30% of total bond market, to under 10%.
Mortgage related bonds (MBS, CMOs) on the other hand, have increased from under 5% in 1980 to over 20%.
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