Summary
Demand from all corners of the globe for the safety and security of U.S. Treasury debt has acted to keep a lid on long-term interest rates, even as the Federal Reserve has raised short-term rates aggressively for more than two years and inflation has remained stubbornly high. Total public debt owed by the U.S. federal government was $34.6 trillion at the end of 1Q24, according to the U.S. Department of the Treasury. Outside of U.S. investors, the two largest holders of U.S. public debt are the nations of Japan, which owns 3.3% of the debt, and China, which owns 2.3%. The other nations among the top 10 holders have 8% of the debt, so the top 10 holders collectively own about 14%. The grand total of U.S. debt owned by foreign holders is $8.0 trillion, or about 23% of the total. This total holdings level has been steady over the past six months. Japan has been a leader here, as the nation’s holdings have increased by 5%, or $50 billion in the past six months. China, meanwhile, has
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