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Monday, February 6, 2023

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UK Treasury Holdings Surge, Artifical Demand Offsets Chinese Decline In Holdings

Courtesy of Tyler Durden

The Treasury has just released the latest TIC data: we will provide a full analysis later, but here are the key observations. Total foreign holdings at the end of February increased by $44.4 billion, however this was not thanks to China. Mainland China sold $11.5 billion in total Treasuries. However, the components of this number were primarily due to ongoing sale/roll off of Bills, which holdings decreased from $58 billion to $42 billion. At the same time Long-Term Chinese UST holdings increased marginally from $831 to $836 billion.

Of the top three, Japan barely added to its total UST holdings, which increased from $765 to $769 billion. Just like China, Japan allowed more Bills to be sold/roll off, while adding Long-Term debt, $8.1 billion to be precise.

Yet the biggest surprise continues to be the UK, which is certainly the nexus of whatever shell game operation the Federal Reserve has in play in order to stimulate artificial demand for US Treasuries. Note that UK Treasury holdings  have literally exploded from $106 billion in October, to more than double, or $231.7 billion in February. This is by and far not just hedge fund additions, and is certainly not merely any offshore operations that China may have in order to acquire USTs under the radar, as that would be a very naive way of avoiding the spotlight.

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