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Foreign buyers of US debt lift holdings
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Foreign buyers of US Treasury securities increased their holdings in September, suggesting many shrugged off budget battles in Washington to keep investing in US debt.
Total foreign holdings rose 1 percent in September to US$5.65 trillion, the US Treasury Department said yesterday. That follows a 0.03 percent gain in August.
Holdings had fallen from April through July, possibly reflecting concerns about rising interest rates. In September, holdings were 1.2 percent below the record high of US$5.72 trillion reached in March.
China, the largest foreign buyer of Treasury debt, boosted its holdings 2 percent in September to US$1.29 trillion. Japan, the second-largest buyer, lifted its holdings 2.5 percent to US$1.18 trillion.
An impasse over the budget led to a 16-day partial shutdown of the federal government in October. And lawmakers didn’t reach an agreement to raise the nation’s borrowing limit until October 16‚ one day before a deadline that, if compromised, would have increased the risk of a default on US debt.
The government reopened on October 17 after Congress passed legislation to fund the government through January 15 and allow the Treasury to borrow money until February 7. A House-Senate conference committee is working to try to resolve disagreements on spending and tax issues in the hopes funding the government for the full budget year, which runs through September 30.
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