BREAKING: Foreign holdings of US Treasuries rose +$18 billion in May, to $9.37 trillion, the 2nd-highest on record. Over the last 12 months, total foreign holdings of US Treasuries have surged +$549 billion. Japan, the largest foreign holder, reduced its holdings -$67 billion, to $1.14 trillion, the lowest since May 2025. The UK, the 2nd-largest holder, added +$11 billion, to a record $949 billion. China, the 3rd-largest holder, raised its holdings +$8 billion, to $659 billion, the highest since February. Meanwhile, the 7 largest financial centers added +$33 billion, bringing their total Treasury holdings to $3.24 trillion, an all-time high. Demand for US Treasuries remains strong.(The Kobeissi Letter)