BREAKING: Foreign holdings of US Treasuries rose +32 billion in July, to a record 9.16 trillion. Japan, the largest holder, added +4 billion, lifting its total to 1.15 trillion, the highest since March 2024. The UK boosted its holdings by +41 billion, to a record 899 billion. The Euro Area purchased +44 billion, bringing total holdings to 1.91 trillion, an all-time high. Meanwhile, China’s holdings fell -26 billion, to 731 billion, the lowest since December 2008. Foreign demand for Treasuries remains robust aside from China.(The Kobeissi Letter)