@jolyonForeign governments dumped another $70B of U.S. Treasuries in June, pushing total overseas holdings to $9.3T. This marks the third monthly decline in a row. Japan, China, and the UK all reduced their stakes, with China’s holdings hitting their lowest level since the 2008 crash. Central banks and other official buyers are clearly pulling back. Private capital is still stepping in to fill the void as America’s debt continues to grow. The traditional foreign state buyers are less willing to fund this expansion. For now, private investors cover the gap, but that dynamic works only until it breaks. Source: KobeissiLetter / Writer: Lucas

@jolyonForeign governments dumped another $70B of U.S. Treasuries in June, pushing total overseas holdings to $9.3T. This marks the third monthly decline in a row. Japan, China, and the UK all reduced their stakes, with China’s holdings hitting their lowest level since the 2008 crash. Central banks and other official buyers are clearly pulling back. Private capital is still stepping in to fill the void as America’s debt continues to grow. The traditional foreign state buyers are less willing to fund this expansion. For now, private investors cover the gap, but that dynamic works only until it breaks. Source: KobeissiLetter / Writer: Lucas