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 (FDHBFIN) from Q1 1970 to Q1 2025 about foreign, debt, federal, 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.

Net Purchases of US Treasury Bonds and Notes decreased by 40800 million dollars in April 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.

Graph and download economic data for Assets: Securities Held Outright: U.S. Treasury Securities: All: Wednesday Level (TREAST) from 2002-12-18 to 2025-07-09 about maturity, securities, Treasury, and USA.

In March 2025, the average yield on ten-year government bonds in the United States was 4.27 percent. This was the highest of the selected developed economies considered in this statistic. Except Germany, Luxembourg, and Japan, all countries had a yield higher than three on their government bonds. 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 3.9 percent yield on ten-year government bonds for borrowing their money in March 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.

Holdings of US Treasury Securities data was reported at 784.300 USD bn in Feb 2025. This records an increase from the previous number of 760.802 USD bn for Jan 2025. Holdings of US Treasury Securities data is updated monthly, averaging 937.400 USD bn from Mar 2000 (Median) to Feb 2025, with 300 observations. The data reached an all-time high of 1,316.700 USD bn in Nov 2013 and a record low of 58.900 USD bn in Nov 2000. Holdings of US Treasury Securities data remains active status in CEIC and is reported by U.S. Department of the Treasury. The data is categorized under China Premium Database’s Government and Public Finance – Table CN.FF: Holdings of US Treasury Securities.

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.

This paper analyzes the policies that the Castile of the seventeenth century followed toward creating and selling short-term and long-term debt paid off from the Crown’s New World revenues. We use microdata to reconstruct comprehensive fiscal accounts for Spanish America during the seventeenth century. Our new time series evidence shows that the Spanish Empire maintained differential debt policies in the center and the periphery. Spanish America issued considerably less debt, more credible than coetaneous Castilian debt. However, the issuances’ size did not reflect lower debt capacity in the New World, as the Spanish Empire restrained long-term debt issuance to emergencies. We also provide complementary evidence from debt issuances and explain why differential debt policies were maintained.

Daily Federal Funds Rate from 1928-1954 (https://fred.stlouisfed.org/categories/33951).

The federal funds rate is the interest rate at which depository institutions trade federal funds (balances held at Federal Reserve Banks) with each other overnight. When a depository institution has surplus balances in its reserve account, it lends to other banks in need of larger balances. In simpler terms, a bank with excess cash, which is often referred to as liquidity, will lend to another bank that needs to quickly raise liquidity. (1) The rate that the borrowing institution pays to the lending institution is determined between the two banks; the weighted average rate for all of these types of negotiations is called the effective federal funds rate.(2) The effective federal funds rate is essentially determined by the market but is influenced by the Federal Reserve through open market operations to reach the federal funds rate target.(2) The Federal Open Market Committee (FOMC) meets eight times a year to determine the federal funds target rate. As previously stated, this rate influences the effective federal funds rate through open market operations or by buying and selling of government bonds (government debt).(2) More specifically, the Federal Reserve decreases liquidity by selling government bonds, thereby raising the federal funds rate because banks have less liquidity to trade with other banks. Similarly, the Federal Reserve can increase liquidity by buying government bonds, decreasing the federal funds rate because banks have excess liquidity for trade. Whether the Federal Reserve wants to buy or sell bonds depends on the state of the economy. If the FOMC believes the economy is growing too fast and inflation pressures are inconsistent with the dual mandate of the Federal Reserve, the Committee may set a higher federal funds rate target to temper economic activity. In the opposing scenario, the FOMC may set a lower federal funds rate target to spur greater economic activity. Therefore, the FOMC must observe the current state of the economy to determine the best course of monetary policy that will maximize economic growth while adhering to the dual mandate set forth by Congress. In making its monetary policy decisions, the FOMC considers a wealth of economic data, such as: trends in prices and wages, employment, consumer spending and income, business investments, and foreign exchange markets. The federal funds rate is the central interest rate in the U.S. financial market. It influences other interest rates such as the prime rate, which is the rate banks charge their customers with higher credit ratings. Additionally, the federal funds rate indirectly influences longer- term interest rates such as mortgages, loans, and savings, all of which are very important to consumer wealth and confidence.(2) References (1) Federal Reserve Bank of New York. "Federal funds." Fedpoints, August 2007. (2) Board of Governors of the Federal Reserve System. "Monetary Policy (https://www.federalreserve.gov/monetarypolicy.htm)".

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Loan administration, check cashing and other services endured a volatile landscape amid economic instability, elevated interest rates and sharp swings in core markets. While loan administration services remain a cornerstone to ensure consumers are compliant with repayment terms, considerable volatility amid inflationary spikes altered consumers’ purchasing behaviors. Rising interest rates provided greater revenue growth via higher mortgage and deposit fee revenue streams, although it also harmed individual customers and smaller businesses’ propensity to repay existing mortgages and auto loans. Nonetheless, continuous growth in the national housing market, as exemplified by the 65.2% spike in demand from real estate loans and collateralized debt, provided further boosts toward oversight of mortgages. Steady inclines in national housing prices created more favorable mortgage terms for lenders, bolstering loan service demand. Revenue grew at a CAGR of 1.6% to an estimated $26.8 billion over the past five years, including an anticipated 1.5% boost in 2025 alone. Inclining competition from digital payment services and online money transfer systems has undermined large-scale growth prospects. Check cashing servicers have been particularly harmed by digital proliferation, as prominent platforms such as PayPal, Zelle and Venmo continue to undermine client interest toward the industry. However, the technological pivot is also providing innovative opportunities, particularly among larger banks and loan service administrators looking to minimize dependence on manual labor and bolster profit. Moving forward, the industry is poised to continue growing at a steady pace, albeit mired by competitive threats. Anticipated growth in per capita disposable income and strong consumer confidence will sustain lending activity and demand for loan servicing, as customers will be more willing to take on long-term debts. The potential for interest rate cuts will further incentivize new loan procurement, although this could also harm the industry via reduced returns on mortgage interest and deposit fees. Technological expansion and the prevalent threat of digital payment platforms will remain the biggest barrier to expansive growth, although traditional brick-and-mortar services will remain popular across local markets where client trust will be integral. Revenue is expected to grow at a CAGR of 2.0% to an estimated $29.6 billion through the end of 2030.

The statistic shows the 20 countries with the lowest national debt in 2023 in relation to the gross domestic product (GDP). The data refer to the debts of the entire state, including the central government, the provinces, municipalities, local authorities and social insurance. In 2023, Russia's estimated level of national debt reached about 19.66 percent of the GDP, ranking 17th of the countries with the lowest national debt. National debt and GDP The debt-to-GDP ratio is an indicator of a country’s ability to produce and sell goods in order to pay back any present debts, however these countries should not retain newer debts in the process. Many economists believe that if a country is able to produce more without impairing its own economical growth, it can be considered more stable, particularly for the future. However, the listed countries, with the exception of Russia and Saudi Arabia, are not necessarily economic first-world powers. Additionally, economically powerful countries such as the United States and France maintain one of the highest debt-to-GDP ratios, signifying that occurring debt does not necessarily damage the state of the economy and is sometimes necessary in order to help develop it. Saudi Arabia has maintained one of the lowest debt-to-GDP ratios due to its high export rates, which primarily consist of petroleum and petroleum goods. Given the significance of oil in today’s world, Saudi Arabia produces enough oil and earns enough revenue to maintain a high GDP and additionally refrain from incurring debt.

The graph shows national debt in China related to gross domestic product until 2024, with forecasts to 2030. In 2024, gross national debt ranged at around 88 percent of the national gross domestic product. The debt-to-GDP ratio In economics, the ratio between a country's government debt and its gross domestic product (GDP) is generally defined as the debt-to-GDP ratio. It is a useful indicator for investors to measure a country's ability to fulfill future payments on its debts. A low debt-to-GDP ratio also suggests that an economy produces and sells a sufficient amount of goods and services to pay back those debts. Among the important industrial and emerging countries, Japan displayed one of the highest debt-to-GDP ratios. In 2024, the estimated national debt of Japan amounted to about 250 percent of its GDP, up from around 180 percent in 2004. One reason behind Japan's high debt load lies in its low annual GDP growth rate. Development in China China's national debt related to GDP grew slowly but steadily from around 23 percent in 2000 to 34 percent in 2012, only disrupted by the global financial crisis in 2008. In recent years, China increased credit financing to spur economic growth, resulting in higher levels of debt. China's real estate crisis and a difficult global economic environment require further stimulating measures by the government and will predictably lead to even higher debt growth in the years ahead.

Telemarketing and call centers have navigated a dynamic economic landscape in recent years, grappling with challenges and opportunities alike. The initial impact of the pandemic at the onset of the period led to a temporary dip in demand as businesses curbed outsourcing due to reduced consumer spending and corporate profit. However, quick transitions to remote operations and an improving economic landscape in the latter part of the period increased demand for the industry, specifically from the healthcare sector. There was an increase in demand for the industry’s services as consumers returned to traditional shopping and corporate profit soared, spurred by expansionary fiscal and monetary policies. This uptick, however, was only one side of the coin. Increasing inflationary pressures in 2022, driven by a massive jump in demand, forced businesses to tighten budgets, reducing spending on telemarketing and call center services. This caused revenue to drop significantly, with further challenges posed by rising interest rates and offshoring trends. The growing use of AI and automation spurred an influx of new entrants as smaller players were better able to compete with larger and established players, raising internal competition. While technological advancements like IVR and speech analytics have reduced costs and improved efficiency, the competition from global markets, particularly emerging economies, has diluted some of the industry's growth potential. Overall, revenue for telemarketing and call centers has inched downward at a CAGR of 0.1% to $28.1 billion over the past five years, including an expected increase of 3.6% in 2025 alone. Industry profit has climbed and will account for 13.4% of revenue in the current year. Looking ahead, providers are anticipated to benefit from stable economic growth and the continued expansion of online activities. Cooling inflation and reduced interest rates are expected to boost consumer spending and corporate investment, bolstering demand for telemarketing and call center services. Technological advancements will further enhance operational efficiency, although high wage costs will continue to challenge profit. The ongoing migration towards e-commerce will necessitate greater investment in call centers as companies look to better serve online customers. Despite the inherent challenges, the industry's capacity to leverage technological innovations and explore new geographical markets provides a promising outlook. Overall, revenue for telemarketing and call centers is forecast to expand at a CAGR of 3.7% to $33.6 billion over the five years to 2030.

The Ford Motor Company reported total debt around 158.5 billion U.S. dollars in 2024. Total debt comprises automotive debt, credit debt, and other debt. The Ford Motor Company’s debt In 2008, when the global economy tumbled into recession, the CEOs of all Big Three US automakers flew into Washington DC to plead for emergency government aid. Unlike General Motors and Chrysler, Ford’s executive Alan Mulally decided against a rescue package from Congress, although the firm recorded losses of around 15 billion US dollars in 2008 – which represented an annual loss of about 11 billion US dollars. The situation was further exacerbated when the company lost market share to Asian carmakers: The automobile manufacturer’s U.S. market share declined by almost nine percent between 1999 and 2009. In order to shave down the significant debt obligations it had, the Ford Motor Company underwent a restructuring process which included the elimination of various brands from its portfolio. As a result, the rating for Ford’s bonds was raised from junk to BB in 2010. In the fiscal year of 2012, the Ford Motor Company reported total debt of around 90 billion US dollars, down from about 154 billion US dollars in the fiscal year of 2008. Founded and incorporated in 1903 by Henry Ford, the Ford Motor Company is headquartered just 15 minutes away from Detroit, the center of the U.S. automotive manufacturing industry. In order to meet the overwhelming demand for its Model T vehicles, the company was the first automaker worldwide to perfect assembly line production. The company still produces highly sought-after models today, including the Ford F-Series, one of the best selling light truck models worldwide. The carmaker’s wholly owned brands include the Ford marque and Lincoln.

The Federal Reserve's balance sheet has undergone significant changes since 2007, reflecting its response to major economic crises. From a modest *** trillion U.S. dollars at the end of 2007, it ballooned to approximately **** trillion U.S. dollars by June 2025. This dramatic expansion, particularly during the 2008 financial crisis and the COVID-19 pandemic - both of which resulted in negative annual GDP growth in the U.S. - showcases the Fed's crucial role in stabilizing the economy through expansionary monetary policies. Impact on inflation and interest rates The Fed's expansionary measures, while aimed at stimulating economic growth, have had notable effects on inflation and interest rates. Following the quantitative easing in 2020, inflation in the United States reached ***** percent in 2022, the highest since 1991. However, by *************, inflation had declined to *** percent. Concurrently, the Federal Reserve implemented a series of interest rate hikes, with the rate peaking at **** percent in ***********, before the first rate cut since ************** occurred in **************. Financial implications for the Federal Reserve The expansion of the Fed's balance sheet and subsequent interest rate hikes have had significant financial implications. In 2023, the Fed reported a negative net income of ***** billion U.S. dollars, a stark contrast to the ***** billion U.S. dollars profit in 2022. This unprecedented shift was primarily due to rapidly rising interest rates, which caused the Fed's interest expenses to soar to over *** billion U.S. dollars in 2023. Despite this, the Fed's net interest income on securities acquired through open market operations reached a record high of ****** billion U.S. dollars in the same year.

This statistic shows the gross domestic product (GDP) in France from 1987 to 2024, with a projection up until 2030. GDP refers to the total market value of all goods and services that are produced within a country per year. It is an important indicator of the economic strength of a country. In 2024, the GDP in France was around 3.16 trillion U.S. dollars. Economy of France France is an economically developed nation and one of the members of the G7. France is also considered to be one of the leading countries in Europe, often seen as the second most important nation in the European Union behind Germany. France has a relatively high gross domestic product (GDP), being one of the top 10 countries with the largest GDP in the world in 2014. Despite this, the country is still ranked in the top 20 in regards to its public debt compared to its GDP in the same year. A high debt-to-GDP ratio demonstrates a country’s ability to produce and sell goods and services in order to be able to pay back its debts, however producing and selling these goods should not result in more debts. France’s national debt slightly increased year-over-year up until 2014, most notably between 2008 and 2009. Additionally, France reported a large trade deficit in 2012, a value almost 5 times larger compared to the previous year, indicating that the country is importing much more than it is exporting. This often leads to higher debts due to a need to borrow more money to produce goods.