As of December 2024, Japan held United States treasury securities totaling about 1.06 trillion U.S. dollars. Foreign holders of United States treasury debt According to the Federal Reserve and U.S. Department of the Treasury, foreign countries held a total of 8.5 trillion U.S. dollars in U.S. treasury securities as of December 2024. Of the total held by foreign countries, Japan and Mainland China held the greatest portions, with China holding 759 billion U.S. dollars in U.S. securities. The U.S. public debt In 2023, the United States had a total public national debt of 33.2 trillion U.S. dollars, an amount that has been rising steadily, particularly since 2008. In 2023, the total interest expense on debt held by the public of the United States reached 678 billion U.S. dollars, while 197 billion U.S. dollars in interest expense were intra governmental debt holdings. Total outlays of the U.S. government were 6.1 trillion U.S. dollars in 2023. By 2029, spending is projected to reach 8.3 trillion U.S. dollars.

Graph and download economic data for Federal Debt Held by Foreign and International Investors as Percent of Gross Domestic Product (HBFIGDQ188S) from Q1 1970 to Q2 2025 about foreign, debt, federal, GDP, and USA.

The value of U.S. Treasury securities held by residents of Russia amounted to ** million U.S. dollars in March 2025, marking a stark contrast to ***** billion U.S. dollars held in January 2020. The lowest over the period under consideration was recorded in November 2023 at ** million U.S. dollars. Furthermore, in March 2020, the figure plummeted to **** billion U.S. dollars, down from **** billion U.S. dollars one month prior. Russia’s holdings of U.S. treasury securities have decreased since 2014 following the Western sanctions over the annexation of Crimea and have further dropped in 2022 after more restrictions were imposed over the war in Ukraine. What are U.S. treasury holdings? U.S. treasury holdings are government debt instruments that contribute to the funding of various government projects in the country. The U.S. Department of Treasury allows individuals and organizations to invest in treasury notes, bills, and bonds, which are the main three types of securities. Just under half of the outstanding ** trillion U.S. dollars as of May 2024 were in the form of treasury notes. The notes have varying maturities and coupon payment frequencies, which are different from the maturity periods of treasury bills and bonds. Main foreign holders of U.S. treasury securities Foreign holdings of U.S. treasury debt amounted to ***** trillion U.S. dollars as of January 2024. Japan and China held the largest portions, with China possessing ***** billion U.S. dollars in U.S. securities. Additionally, other significant foreign holders included oil exporting countries and Caribbean banking centers.

As of July 18, 2025, the major economy with the highest yield on 10-year government bonds was Turkey, with a yield of ** percent. This is due to the risks investors take when investing in Turkey, notably due to high inflation rates potentially eradicating any profits made when using a foreign currency to investing in securities denominated in Turkish lira. Of the major developed economies, United Kingdom had one the highest yield on 10-year government bonds at this time with **** percent, while Switzerland had the lowest at **** percent. How does inflation influence the yields of government bonds? Inflation reduces purchasing power over time. Due to this, investors seek higher returns to offset the anticipated decrease in purchasing power resulting from rapid price rises. In countries with high inflation, government bond yields often incorporate investor expectations and risk premiums, resulting in comparatively higher rates offered by these bonds. Why are government bond rates significant? Government bond rates are an important indicator of financial markets, serving as a benchmark for borrowing costs, interest rates, and investor sentiment. They affect the cost of government borrowing, influence the price of various financial instruments, and serve as a reflection of expectations regarding inflation and economic growth. For instance, in financial analysis and investing, people often use the 10-year U.S. government bond rates as a proxy for the longer-term risk-free rate.

In 2023, China held **** percent of foreign held U.S. securities. Japan held a further **** percent of foreign held securities. The national debt of the United Stated can be found here.

United States Gross Purchases by Foreigners: Japan: US T Bonds & Notes data was reported at 38.861 USD bn in May 2018. This records an increase from the previous number of 27.653 USD bn for Apr 2018. United States Gross Purchases by Foreigners: Japan: US T Bonds & Notes data is updated monthly, averaging 34.582 USD bn from Jan 1977 (Median) to May 2018, with 497 observations. The data reached an all-time high of 109.805 USD bn in Jul 1989 and a record low of 0.000 USD mn in Jan 1977. United States Gross Purchases by Foreigners: Japan: US T Bonds & Notes data remains active status in CEIC and is reported by US Department of Treasury. The data is categorized under Global Database’s USA – Table US.Z039: Foreign Purchases and Sales in Long Term Securities: Asian Countries.

United States Gross Purchases by Foreigners: China: US T Bonds & Notes data was reported at 14.512 USD bn in Sep 2018. This records a decrease from the previous number of 18.034 USD bn for Aug 2018. United States Gross Purchases by Foreigners: China: US T Bonds & Notes data is updated monthly, averaging 3.055 USD bn from Jan 1977 (Median) to Sep 2018, with 501 observations. The data reached an all-time high of 56.126 USD bn in Sep 2011 and a record low of 0.000 USD mn in Feb 1985. United States Gross Purchases by Foreigners: China: US T Bonds & Notes data remains active status in CEIC and is reported by US Department of Treasury. The data is categorized under Global Database’s United States – Table US.Z039: Foreign Purchases and Sales in Long Term Securities: Asian Countries.

As of July 22, 2025, the yield for a ten-year U.S. government bond was 4.38 percent, while the yield for a two-year bond was 3.88 percent. This represents an inverted yield curve, whereby bonds of longer maturities provide a lower yield, reflecting investors' expectations for a decline in long-term interest rates. Hence, making long-term debt holders open to more risk under the uncertainty around the condition of financial markets in the future. That markets are uncertain can be seen by considering both the short-term fluctuations, and the long-term downward trend, of the yields of U.S. government bonds from 2006 to 2021, before the treasury yield curve increased again significantly in the following years. What are government bonds? Government bonds, otherwise called ‘sovereign’ or ‘treasury’ bonds, are financial instruments used by governments to raise money for government spending. Investors give the government a certain amount of money (the ‘face value’), to be repaid at a specified time in the future (the ‘maturity date’). In addition, the government makes regular periodic interest payments (called ‘coupon payments’). Once initially issued, government bonds are tradable on financial markets, meaning their value can fluctuate over time (even though the underlying face value and coupon payments remain the same). Investors are attracted to government bonds as, provided the country in question has a stable economy and political system, they are a very safe investment. Accordingly, in periods of economic turmoil, investors may be willing to accept a negative overall return in order to have a safe haven for their money. For example, once the market value is compared to the total received from remaining interest payments and the face value, investors have been willing to accept a negative return on two-year German government bonds between 2014 and 2021. Conversely, if the underlying economy and political structures are weak, investors demand a higher return to compensate for the higher risk they take on. Consequently, the return on bonds in emerging markets like Brazil are consistently higher than that of the United States (and other developed economies). Inverted yield curves When investors are worried about the financial future, it can lead to what is called an ‘inverted yield curve’. An inverted yield curve is where investors pay more for short term bonds than long term, indicating they do not have confidence in long-term financial conditions. Historically, the yield curve has historically inverted before each of the last five U.S. recessions. The last U.S. yield curve inversion occurred at several brief points in 2019 – a trend which continued until the Federal Reserve cut interest rates several times over that year. However, the ultimate trigger for the next recession was the unpredicted, exogenous shock of the global coronavirus (COVID-19) pandemic, showing how such informal indicators may be grounded just as much in coincidence as causation.

United States Treasury Securities: Foreign Holder: Russia data was reported at 48.700 USD bn in Apr 2018. This records a decrease from the previous number of 96.100 USD bn for Mar 2018. United States Treasury Securities: Foreign Holder: Russia data is updated monthly, averaging 108.900 USD bn from Aug 2006 (Median) to Apr 2018, with 141 observations. The data reached an all-time high of 176.300 USD bn in Oct 2010 and a record low of 6.400 USD bn in Sep 2006. United States Treasury Securities: Foreign Holder: Russia data remains active status in CEIC and is reported by US Department of Treasury. The data is categorized under Global Database’s USA – Table US.Z050: Major Foreign Holders of US Treasury Securities.

Graph and download economic data for Rest of the World; Treasury Securities Held by Foreign Official Institutions; Asset, Level (BOGZ1FL263061130Q) from Q4 1945 to Q2 2025 about foreign, Treasury, securities, and assets.

Key information about United States Government Debt: % of GDP

• United States Government debt accounted for 120.9 % of the country's Nominal GDP in Jun 2025, compared with the ratio of 122.3 % in the previous quarter.
• US government debt to GDP ratio data is updated quarterly, available from Mar 1969 to Jun 2025.
• The data reached an all-time high of 130.3 % in Mar 2021 and a record low of 31.8 % in Sep 1974.

• In the latest reports, US National Government Debt reached 38,040.1 USD bn in Oct 2025.
• The country's Nominal GDP reached 7,621.4 USD bn in Jun 2025.

As of December 2024, the countries with the highest 10-year yields are the United Kingdom, the United States and Australia with 4.68, 4.38 and 4.21 percent, respectively. Of the largest economies by GDP, the United States saw the sharpest fall in absolute terms for 10-year government bond yields due to the coronavirus (COVID-19) pandemic. From a level of 1.51 percent in January 2020, yields on 10-year government bonds fell to 0.65 percent by April 2020, and had further fallen to 0.53 percent by July 2020 before starting to recover towards the end of the year. Conversely, countries that went into 2020 with already low bond yields like Japan, Germany and France actually saw a small increase in March 2020 - although these already low yields mean that these small changes are significant in relative terms.

United States Net Purchases by Foreigners: Japan: US Corp Bonds data was reported at 1.883 USD bn in Sep 2018. This records an increase from the previous number of 1.310 USD bn for Aug 2018. United States Net Purchases by Foreigners: Japan: US Corp Bonds data is updated monthly, averaging 161.000 USD mn from Jan 1977 (Median) to Sep 2018, with 501 observations. The data reached an all-time high of 10.579 USD bn in Sep 2007 and a record low of -4.361 USD bn in Jul 2017. United States Net Purchases by Foreigners: Japan: US Corp Bonds data remains active status in CEIC and is reported by US Department of Treasury. The data is categorized under Global Database’s United States – Table US.Z039: Foreign Purchases and Sales in Long Term Securities: Asian Countries.

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By 2035, the gross federal debt of the United States is projected to be about 59.3 trillion U.S. dollars. This would be an increase of around 24 trillion U.S. dollars from 2024, when the federal debt was around 35 trillion U.S. dollars. The federal debt of the U.S. The federal debt, also called the national debt or public debt, is the amount of debt held by the United States government. This debt may be to other countries, or to different departments within the government itself. The public debt of the United States has increased significantly over the past 30 years, as it was around 3.2 trillion U.S. dollars in 1990 and surpassed 30 trillion dollars for the first time in 2022. When broken down per capita, the national debt amounted to about 80,885 U.S. dollars of debt per person in the United States in 2021. The problem of the federal debt Over the past decade, the federal debt limit in the United States has increased significantly. The U.S. debt ceiling can only be changed by an act of Congress which is then signed by the president. The raising of the ceiling has become a recurring political issue in recent years, especially during times when the Presidency and chambers of Congress are controlled by different parties. The debt ceiling is a tool that allows the Treasury to issue bonds without congressional approval, allowing for efficiency in the way that the government pays for programs and services. It is thought to be further valuable in that it keeps federal finances in check. However, when the two parties are unable to come to an agreement on raising the debt ceiling, the government comes to a shutdown because they can no longer fund themselves. The Republican Party in particular often positions itself against raising the federal debt ceiling, characterizing themselves as the party of fiscal conservativism. However, analyses have shown that both parties have contributed to the country's debt in almost equal measures.

Municipal Bonds Market Outlook

According to our latest research, the global municipal bonds market size reached USD 4.2 trillion in 2024, with a recorded compound annual growth rate (CAGR) of 3.8% over the past five years. The market is projected to expand steadily, reaching approximately USD 5.8 trillion by 2033, as per the calculated CAGR. This growth is primarily driven by increasing infrastructure development, rising demand for stable and tax-advantaged investment options, and governments’ ongoing need for capital to fund public projects. The municipal bonds market continues to attract both individual and institutional investors due to its relative stability and attractive risk-adjusted returns compared to other fixed-income securities.

One of the main growth factors for the municipal bonds market is the persistent need for infrastructure development and modernization across both developed and emerging economies. Governments worldwide are increasingly relying on municipal bonds to finance projects such as transportation networks, water and sewage systems, schools, and hospitals. As fiscal constraints tighten and traditional funding sources become less accessible, municipal bonds offer state and local governments a viable avenue to raise capital efficiently. This trend is further reinforced by the growing awareness of the importance of sustainable and resilient infrastructure, driving the issuance of green and social municipal bonds. The proliferation of such bonds not only addresses critical societal needs but also attracts a new segment of environmentally and socially conscious investors, thereby broadening the market base.

Another key driver is the favorable tax treatment that municipal bonds offer, particularly in countries like the United States, where interest income from many municipal bonds is exempt from federal income tax and, in some cases, state and local taxes as well. This tax advantage makes municipal bonds highly attractive for high-net-worth individuals and institutional investors seeking to optimize after-tax returns. Additionally, in a global environment characterized by low interest rates and volatile equity markets, municipal bonds are perceived as a safe haven, offering steady income with relatively low default risk. This perception has led to increased allocations to municipal bonds within diversified investment portfolios, further fueling market growth.

Technological advancements and digitalization have also played a significant role in the expansion of the municipal bonds market. The advent of online trading platforms and digital distribution channels has democratized access to municipal bonds, enabling a broader spectrum of investors to participate. These platforms facilitate transparency, improve price discovery, and reduce transaction costs, making it easier for both novice and seasoned investors to buy and sell municipal bonds. Furthermore, regulatory reforms aimed at enhancing market transparency and investor protection have bolstered confidence in municipal bonds as a reliable investment class. As a result, market participation has widened, contributing to increased liquidity and overall market growth.

From a regional perspective, North America, particularly the United States, continues to dominate the municipal bonds market, accounting for the largest share of issuances and outstanding value. However, Europe and Asia Pacific are emerging as significant growth regions, driven by increasing urbanization, infrastructure spending, and the adoption of innovative financing mechanisms. In Europe, the push for sustainable finance and green investments is fostering the development of new municipal bond structures, while in Asia Pacific, rapid economic growth and urban development are prompting governments to explore municipal bonds as a means of funding critical projects. Latin America and the Middle East & Africa, though smaller in market size, are also witnessing gradual adoption of municipal bonds, supported by regulatory reforms and growing investor interest.

Type Analysis

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The recent global financial crisis left governments in many advanced countries with very heavy debt burdens and their central banks with huge portfolios of government bonds. With many central banks today still facing policy rates that are uncomfortably close to zero, some may follow the example of Japan, which recently added a new long-term interest-rate target to its short-term target to give itself “yield-curve control.” The Federal Reserve’s foray into similar territory around the Second World War suggests that combining yield-curve control with quantitative easing when government borrowing needs are substantial can create constraints on monetary policy that are not easily removed.