The largest foreign holder of US Treasuries isn't China. It isn't Japan. It isn't the UK. It's the Cayman Islands. Hedge funds running basis trades. They absorbed 37% of all new Treasury issuance between 2022-2024. The US needs to roll over $10 trillion in debt next year. And the buyers are leveraged hedge funds in offshore tax havens.

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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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