Foreign demand is not keeping up with U.S. debt issuance

Foreign official demand for U.S. Treasuries is no longer keeping pace with America’s debt growth.
Foreign official holdings are now down to about 12.5% of total Treasuries outstanding, the lowest level this century.
That share has fallen sharply from the 2009 peak.
At the same time, marketable U.S. Treasury debt has surged to roughly $29.1T.
China’s Treasury holdings have also more than halved, falling to the lowest level since 2008.
The U.S. is issuing record amounts of debt while foreign government demand is becoming a smaller part of the buyer base.