BREAKING: Foreign holdings of US Treasuries fell -$5.8 billion in October, to $9.2 trillion, but remain at the 2nd-highest level on record. China’s holdings, the 3rd-largest holder, declined -$11.8 billion, to $688.7 billion, the lowest since 2008. However, Belgium’s stockpile, which includes Chinese custodial accounts, rose +$1.6 billion, to a record $468.4 billion. Japan, the largest foreign holder of Treasuries, posted a +$10.7 billion increase, to $1.2 trillion, the highest since July 2022. The UK, the 2nd-biggest owner, saw a +$13.2 billion surge, to $877.9 billion, the 3rd-highest on record. Meanwhile, Canadian holdings dropped -$56.7 billion, to $419.1 billion, the lowest since July. Demand for US Treasuries remains strong overall.(The Kobeissi Letter)