It’s no secret that the Federal Reserve’s balance sheet has exploded in recent years, courtesy of the blowback from the financial crisis of late-2008 and the Great Recession. That includes holding more Treasuries. But not all Treasuries are equal when it comes to maturities on the books at the central bank. Most of the ballooning portfolio of government-held debt is in medium-term Treasuries with maturities of 5-to-10-year maturities, according to Fed data. Some of this (all of this?) will flow back into the private sector with QE2’s scheduled unwinding later this year. Barring any glitches, the market’s on track to see a fair amount medium-term Treasuries on sale this year.