Foreign Holdings of U.S. Debt
Foreign central bank appetite for Treasuries — declining share suggests dedollarization or reserve diversification.
$9.2T
Trend YoY growth is +3.0%, slowing by 0.5 pp/year over the last 24Y. Deviations have remained above trend for 8 consecutive periods. Latest: +5.5%, 2.5 pp above trend, a 0.4σ deviation. The latest YoY reading is depressed by 13.2 pp due to an tough comparison base from Jul 1.
Level
YoY %
y = 15.9% − 0.5 pp/yr · t
Deviation from trend
Forecast
Projected value by forecast vintage ($B)
Projected value ($B)
| Forecast made in | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 | MAPE |
|---|---|---|---|---|---|---|---|---|---|---|
| Q4 '24 | $8.5T | $9.1T | $9.4T | $10.0T | $9.9T | $10.6T | $10.8T | $11.0T | $11.9T | 68% |
| Q1 '25 | $9.0T | $9.6T | $10.3T | $10.1T | $10.9T | $11.1T | $11.4T | $12.7T | 133% | |
| Q2 '25 | $9.1T | $10.2T | $10.0T | $10.8T | $11.0T | $11.3T | $12.5T | 191% | ||
| Q3 '25 | $9.2T | $9.7T | $10.4T | $10.6T | $10.9T | $11.6T | ||||
| Q4 '25 | $9.7T | $10.4T | $10.6T | $10.9T | $11.6T |
YoY change forecast
| Forecast made in | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 | MAPE |
|---|---|---|---|---|---|---|---|---|---|---|
| Q4 '24 | +7.4% | +12.2% | +13.4% | +14.6% | +15.8% | +17.0% | +18.2% | +19.4% | +20.6% | 68% |
| Q1 '25 | +11.6% | +15.4% | +17.1% | +18.7% | +20.4% | +22.0% | +23.7% | +25.4% | 133% | |
| Q2 '25 | +10.0% | +16.0% | +17.7% | +19.3% | +20.9% | +22.5% | +24.1% | 191% | ||
| Q3 '25 | +5.5% | +14.1% | +15.3% | +16.5% | +17.7% | +19.0% | ||||
| Q4 '25 | +14.1% | +15.3% | +16.5% | +17.7% | +19.0% |
Forecasts use ordinary least-squares linear regression fitted to the YoY change series over a rolling 3Y window. Each row shows a vintage — the forecast as it would have appeared at that point in time. Projected values apply the forecasted YoY change to the prior year's level, chaining forward where actuals are unavailable. MAPE measures forecast accuracy against realized values. These are mechanical trend extrapolations, not economic models.