Where did all the foreign buyers go for US financial debt?
Foreigners no longer have an insatiable appetite for US government debt. That’s bad news for Washington.
The US Treasury market is in the midst of major supply and demand fluctuations. The Federal Reserve is shedding its portfolio at a rate of about $60 billion per month. Overseas buyers that were once important sources of demand – China and Japan in particular – have recently become less reliable.
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