BREAKING: Foreign investor holdings of US Treasuries jumped +32.4 billion in May, to 9.05 TRILLION, the second-highest on record. The increase almost fully reversed April’s decline of -36.0 billion. Foreigners now own 31.7% of the US Treasury market, the highest share since June 2022. Canada was the biggest buyer, adding a net 65.8 billion and bringing its total holdings to a record 430 billion. Japan, the largest holder, increased its holdings by ~500 million, to 1.14 trillion, the highest since March 2024. The second-largest, the UK, bought 1.7 billion, lifting its holdings to a record 809.4 billion. Meanwhile, China’s stockpile, the third-largest, declined 900 million, to 756.3 billion, the lowest since January 2009. Keep watching the bond market.(The Kobeissi Letter)