TMV - Treasury Bulletin... Nobody Buys U.S. Treasurys But 'Other Investors' And Mutual Funds
Today's question, who buys and holds America's federal debt?
To begin, the chart below shows the growth of US debt (split between public marketable debt and non-marketable Intra-Governmental holdings) and Federal Funds rate since 1970. Public marketable debt is skyrocketing while debt held by Intra-Governmental trust funds continues slowing.
As for the annual change in US debt, the chart below outlines the increasing quantities issued to the public (marketable) debt versus what was purchased via Intra-Governmental trust fund surplus'. Note the diminishing IG versus surging marketable debt.
But thanks to the quarterly publication of the