BREAKING: Foreign holdings of US Treasuries surged +$200 billion in February, to a record $9.49 trillion. Of that total, $7.76 trillion, or 84%, consists of long-term Treasury securities, with the remainder held in short-term Treasury bills. Over the last 12 months, holdings have risen +$587 billion. Japan, the largest foreign holder, raised its stockpile by +$14 billion, to $1.24 trillion, the highest since February 2022. This marks Japan's 13th monthly purchase of the last 14 months, as Japanese institutions continue chasing higher yields overseas. The UK, the 2nd-largest holder, posted a +$17 billion increase, to $897 billion, the 2nd-highest on record. China, the 3rd-largest owner, trimmed its stockpile by -$1 billion, to $693 billion. Foreign demand for US debt remains strong.(The Kobeissi Letter)