BREAKING: Foreign holdings of US Treasuries jumped +80.2 billion in June, to a record 9.13 TRILLION. Japan, the largest holder, added +12.6 billion, bringing its total to 1.15 trillion, the highest since February 2024. The UK, the 2nd-largest holder, increased its Treasury ownership by +48.7 billion, to 858.1 billion, the biggest monthly gain since March 2023. China’s holdings were unchanged at 756.4 billion, the lowest level since January 2009. Total purchases in the first half of 2025 reached ~508.1 billion. Foreign appetite for US Treasuries remains strong.(The Kobeissi Letter)