Graph and download economic data for Federal Debt Held by Foreign and International Investors (FDHBFIN) from Q1 1970 to Q2 2025 about foreign, debt, federal, and USA.

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.

Net Purchases of US Treasury Bonds and Notes increased by 23700 million dollars in September of 2025. This dataset provides the latest reported value for - United States Net Purchases of US Treasury Bonds and Notes - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

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.

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.

In 2018, the average total volume of treasury securities traded per day was over 547 billion U.S. dollars. This means that every day the market was open, the average amount of U.S. government securities bought and sold amounted to half a trillion U.S. dollars in that year.

What are treasury securities?

Treasury securities are U.S. government debt, bonds sold to finance the United States government. Since the United States is seen as a guaranteed investment, these bonds are often used by large financial firms as collateral. The yield on a Treasury bond is minimal, but these institutions often do not hold them until maturity, instead trading them on secondary market.

Other options

The federal funds rate is the rate the Federal Reserve charges banks for overnight loans. Other assets, such as mortgaged backed securities, can also be used like treasury securities. Mortgage backed securities are bundles of home loans packaged together. Such bundling makes the overall security safer, unless there is a systemic shock to the housing market which would undermine the entire package.

Graph and download economic data for Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity, Quoted on an Investment Basis (DGS2) from 1976-06-01 to 2025-12-01 about 2-year, maturity, Treasury, interest rate, interest, rate, and USA.

In June 2025, the average yield on ten-year government bonds in the United States was **** percent. This was the ******* of the selected developed economies considered in this statistic. Bonds and yields – additional information The bond yield indicates the level of return that the investor can expect from a given type of bond. The government of Italy, for instance, offered the investors **** percent yield on ten-year government bonds for borrowing their money in June 2025. In the United States, government needs are also financed by selling various debt instruments such as Treasury bills, notes, bonds and savings bonds to investors. The largest holders of U.S. debt are the Federal Reserve and Government accounts in the United States. The major foreign holders of the United States treasury securities are Japan, Mainland China, and the United Kingdom.

Graph and download economic data for Market Yield on U.S. Treasury Securities at 20-Year Constant Maturity, Quoted on an Investment Basis (DGS20) from 1962-01-02 to 2025-11-28 about 20-year, maturity, Treasury, interest rate, interest, rate, and USA.

The '10-Year Note Auction' in the USA is a regular event where the U.S. Treasury sells 10-year government bonds to investors, which helps finance government spending.-2025-03-12

The Average Interest Rates on U.S. Treasury Securities dataset provides average interest rates on U.S. Treasury securities on a monthly basis. Its primary purpose is to show the average interest rate on a variety of marketable and non-marketable Treasury securities. Marketable securities consist of Treasury Bills, Notes, Bonds, Treasury Inflation-Protected Securities (TIPS), Floating Rate Notes (FRNs), and Federal Financing Bank (FFB) securities. Non-marketable securities consist of Domestic Series, Foreign Series, State and Local Government Series (SLGS), U.S. Savings Securities, and Government Account Series (GAS) securities. Marketable securities are negotiable and transferable and may be sold on the secondary market. Non-marketable securities are not negotiable or transferrable and are not sold on the secondary market. This is a useful dataset for investors and bond holders to compare how interest rates on Treasury securities have changed over time.

Putable Bonds Market Outlook

According to our latest research, the global putable bonds market size reached USD 1.42 trillion in 2024, reflecting robust investor interest amid rising market volatility. The market is expected to grow at a CAGR of 6.1% from 2025 to 2033, projecting a value of USD 2.42 trillion by 2033. The primary growth factor for the putable bonds market is the increasing demand for flexible fixed-income securities that allow investors to mitigate interest rate and credit risk, particularly in uncertain economic environments.

One of the main growth drivers for the putable bonds market is the heightened sensitivity of investors to interest rate fluctuations and credit risk. In a climate where central banks frequently adjust policy rates, investors are seeking instruments that offer protection against potential declines in bond prices. Putable bonds, which grant holders the right to sell the bond back to the issuer before maturity, provide a unique safeguard. This flexibility is especially attractive to institutional investors managing large and diversified portfolios, as it enables them to optimize returns while minimizing downside risk. As a result, the adoption of putable bonds has accelerated, particularly among pension funds, insurance companies, and asset managers seeking to enhance portfolio resilience.

Another significant growth factor is the diversification of issuers entering the putable bonds market. While traditionally dominated by corporate issuers, there has been a notable increase in participation from government and municipal entities. This expansion is driven by the need for issuers to attract a broader investor base and offer more appealing terms amid competitive capital markets. The ability of putable bonds to offer lower coupon rates in exchange for the embedded put option is advantageous for issuers, allowing them to manage borrowing costs while catering to investor demand for risk-adjusted returns. This trend has not only expanded the supply side of the market but also contributed to the overall depth and liquidity of putable bond offerings worldwide.

Technological advancements in distribution channels have also played a crucial role in the growth of the putable bonds market. The proliferation of online trading platforms and digital brokers has democratized access to putable bonds, making them available to a wider range of investors, including retail participants. Enhanced transparency, streamlined transaction processes, and improved price discovery have collectively increased market participation. Furthermore, regulatory reforms in several regions have promoted greater disclosure and investor protection, thereby fostering confidence in putable bond investments. These technological and regulatory enhancements are expected to sustain the upward trajectory of the market in the coming years.

From a regional perspective, North America continues to dominate the putable bonds market, accounting for the largest share in 2024, followed closely by Europe and Asia Pacific. The strong presence of institutional investors, advanced financial infrastructure, and a mature regulatory environment contribute to North America's leadership. However, Asia Pacific is emerging as the fastest-growing region, driven by rapid economic development, increasing financial literacy, and ongoing capital market reforms. Latin America and the Middle East & Africa, though smaller in comparison, are witnessing steady growth due to rising demand for alternative investment instruments and evolving investor preferences. The global dispersion of issuers and investors is expected to further enhance the market's resilience and growth potential.

Type Analysis

The putable bonds market is segmented by type into investment grade and high yield bonds, each catering to distinct investor profiles and risk appetites. Investment grade putable bonds are favored by conservative investors who prioritize capital preservation and stable income streams. These bonds are issued by entities with strong c

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.

Graph and download economic data for Market Yield on U.S. Treasury Securities at 1-Month Constant Maturity, Quoted on an Investment Basis (DGS1MO) from 2001-07-31 to 2025-12-01 about 1-month, bills, maturity, Treasury, interest rate, interest, rate, and USA.

At the end of 2024, the yield on the 10-year U.S. Treasury bond was **** percent. Despite the increase in recent years, the highest yields could be observed in the early 1990s. What affects bond prices? The factors that play a big role in valuation and interest in government bonds are interest rate and inflation. If inflation is expected to be high, investors will demand a higher return on bonds. Country credit ratings indicate how stable the economy is and thus also influence the government bond prices. Risk and bonds Finally, when investors are worried about the bond issuer’s ability to pay at the end of the term, they demand a higher interest rate. For the U.S. Treasury, the vast majority of investors consider the investment to be perfectly safe. Ten-year government bonds from other countries show that countries seen as more risky have a higher bond return. On the other hand, countries in which investors do not expect economic growth have a lower yield.

This table represents the amount Treasury has in short-term cash investments. Deposits and withdrawals of short-term cash investments are also represented in the Deposits and Withdrawals of Operating Cash table. This program was suspended indefinitely in 2008. All figures are rounded to the nearest million. As of February 14, 2023, Table V Short Term Cash Investments will no longer be updated and removed from the published report. The historical data will remain available.

The '10-Year Note Auction' in the USA is a regular event where the U.S. Treasury sells 10-year government bonds to investors, which helps finance government spending.-2026-01-12

Graph and download economic data for Market Yield on U.S. Treasury Securities at 3-Month Constant Maturity, Quoted on an Investment Basis (DGS3MO) from 1981-09-01 to 2025-11-28 about bills, 3-month, maturity, Treasury, interest rate, interest, rate, and USA.

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

Bond Investments by Japanese abroad increased by 576.50 billion yen in the week ending November 22 of 2025. This dataset provides the latest reported value for - Japan Foreign Bond Investment - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.